A Victorian authorised representative (AR) has been charged with engaging in dishonest conduct in the course of carrying on a financial services business and providing unlicensed personal financial product advice.
Nizi Bhandari, of Bundoora, Victoria, was an AR at The Australian Dealer Group Pty between November 2017 and December 2020, a licensee that helped consumer find lost superannuation and consolidate super accounts.
He was also the sole director, responsible manager and key person under the firm’s AFS licence for the same period.
It was alleged that between January 2019 and March 2020, Bhandari:
The maximum penalty for an individual person found guilty of engaging in dishonest conduct in the course of carrying on a financial services business is between 10 to 15 years’ imprisonment, a fine of $945,000, or both.
The maximum penalty for an individual person found guilty of providing unlicensed personal financial product advice while providing financial services on behalf of a person who carries on a financial services business is five years’ imprisonment, a fine of $126,000, or both.
The matter was next listed for mention on 4 October, 2022 in the Magistrate’s Court of Victoria.
This matter was being prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by the Australian Securities and Investments Commission (ASIC).
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