Ashley Vincent Arandez of Hoppers Crossing, Victoria has pleaded guilty to dishonest conduct, unlicensed conduct, and dealing with proceeds of crime between September 2017 and April 2021.
Appearing before the Victorian County Court on 1 August 2025, Mr Arandez pleaded guilty to dishonest conduct in relation to a financial product or financial service, carrying on a financial services business without a license, and recklessly dealing with proceeds of crime.
The charges related to Mr Arandez carrying on a financial services business through which he encouraged clients to invest in various business ventures that he controlled. A total of $1.97 million was transferred to Mr Arandez, in circumstances where he was providing financial product advice, but did not hold an Australian Financial Services Licence or valid Authorised Representative licence to receive those funds.
A sentencing hearing has been set for 20 October 2025.
The office of the Director of Public Prosecutions (Cth) is prosecuting the matter following an investigation and referral by ASIC.
Background
Failing to hold an AFSL is an offence under the Corporations Act and, at the time of Mr Arandez's offending, carried a maximum imprisonment of five years. Mr Arandez was not licenced or authorised to engage in financial services from 23 June 2019.
Engaging in dishonest conduct in relation to a financial product or financial service while carrying on a financial services business is an offence under the Corporations Act and, at the time of the offending, carried a maximum imprisonment of ten years.
Recklessly dealing with the proceeds of crime is an offence under the Criminal Code Act 1995 and carries a maximum imprisonment of 12 years.
In 2022, ASIC obtained orders from the Federal Court freezing the assets of Mr Arandez and five related entities. The orders were updated in February 2023 to include travel restraint orders preventing Mr Arandez from leaving Australia or attempting to leave Australia (22-156MR).
On 7 June 2023, Mr Arandez was charged with dishonest conduct and dealing with the proceeds of crime (23-153MR).
