Accountant fights back as ASIC issues ban

Accountant and lawyer Yingjie Wang, also known as Jay Wang, has been permanently banned from providing financial services by the Australian Securities and Investments Commission.

Since June 2011, Mr Wang has been involved in the management of at least 14 companies who hold, or held, an Australian Financial Services (AFS) licence.

These companies include LSG Group (formerly known as NZ Global Financial Trading Pty Ltd and Easy Capital Global Pty Ltd), Eagle Aetos Capital (formerly known as GSM Financial Group) and Hodgson Faraday (formerly known as TM Index).

ASIC found Mr Wang was dishonest in that he knowingly caused Easy Capital Global to use $100,000 of an investor's money for unauthorised purposes.

He also remained silent about a representation made to this same investor concerning the money which he knew to be false.

Mr Wang was not forthcoming about his dishonesty when investigated by ASIC, resulting in the body claiming Mr Wang is “not of good fame and character”.

“ASIC will take action to remove dishonest persons from the financial services industry to protect the public,” ASIC Commissioner John Price said.

Mr Wang is seeking a review of ASIC's decision in the Administrative Appeals Tribunal.