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A man providing unlicensed financial advisory services has been sentenced to 5 years and 6 months in prison after pleading guilty to offences involving dishonest conduct, carrying on an unlicensed financial services business, and recklessly dealing with the proceeds of crime. Ashley Arandez of Hoppers Crossing in Victoria was sentenced on 8 May 2026 over charges relating to AUD$1.97m that he received from investors while providing financial product advice, despite not being authorised. From 23 June 2019, Mr Arandez was not licensed or authorised to provide financial services, but he carried on a financial services business up to April 2021. During that time, he recommended to clients that they invest funds from their self-managed superannuation fund into investment products which he controlled, and promised fixed interest returns of 8-12% per annum or up to 300% payable on maturity after three years. During 2019 to 2021, when he was unlicensed, his promised investments were mostly unfulfilled. He also used some of the investor funds for his own personal use, including purchasing property in his own name and a motorhome. Sarah Court, deputy chair of the Australian Securities & Investments Commission (ASIC), said: Mr Arandez betrayed the trust of his clients, misappropriated investors’ funds and used the money for his own benefit. ASIC took this action to protect consumers from harm caused by dishonest and unlicensed conduct. The Court’s sentence reflects the seriousness of Mr Arandez’s misconduct and sends a strong signal to deter others from similar conduct.
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About International Adviser
International Adviser is the leading brand for global intermediaries who specialize in cross-border insurance, investment, banking, and pension products for their high-net-worth clients. With its launch in January 2006, International Adviser quickly became a reliable source for the latest industry news, product development, market analysis, and expert commentary. Its comprehensive coverage includes features on a wide range of topics, ensuring that intermediaries stay informed about the main areas affecting the global intermediary market.
The brand's authority is reinforced by its esteemed panels, which consist of key advisers from around the world and product specialists offering tax and technical expertise. By providing access to full content, email preferences, and account details, International Adviser empowers intermediaries to stay ahead in the ever-evolving financial landscape. Trustworthy and informative, International Adviser continues to deliver exceptional value to its audience
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