A Hoppers Crossing man has pleaded guilty to dishonest conduct, unlicensed conduct and dealing with proceeds of crime linked to a financial services operation that ran over several years.
Appearing in the County Court of Victoria on 1 August 2025, Ashley Vincent Arandez admitted dishonest conduct in relation to a financial product or financial service, carrying on a financial services business without a licence, and recklessly dealing with proceeds of crime. The offending occurred between September 2017 and April 2021.
The court was told Mr Arandez carried on a financial services business through which he encouraged clients to invest in business ventures he controlled. A total of $1.97 million was transferred to him while he was providing financial product advice without holding an Australian Financial Services licence (AFSL) or a valid Authorised Representative licence to receive those funds.
The matter is being prosecuted by the Office of the Commonwealth Director of Public Prosecutions following an investigation and referral by the Australian Securities and Investments Commission (ASIC). A sentencing hearing has been listed for 20 October 2025.
According to ASIC, failing to hold an AFSL is an offence under the Corporations Act and, at the time of the offending, carried a maximum penalty of five years’ imprisonment. Engaging in dishonest conduct in relation to a financial product or financial service while carrying on a financial services business is also an offence under the Corporations Act and, at the time, carried a maximum penalty of 10 years’ imprisonment. Recklessly dealing with the proceeds of crime is an offence under the Criminal Code Act 1995 and carries a maximum penalty of 12 years’ imprisonment. Mr Arandez was not licenced or authorised to engage in financial services from 23 June 2019.
In 2022, ASIC secured Federal Court orders freezing the assets of Mr Arandez and five related entities, with the orders updated in February 2023 to impose travel restraints preventing him from leaving Australia. He was charged on 7 June 2023 with dishonest conduct and dealing with the proceeds of crime.
