The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to permanently ban Mr Yingjie Wang (also known as Jay Wang), a lawyer and accountant from Sydney, from providing financial services.

At the time of the conduct considered by the AAT Mr Wang was a director, and sole signatory of the bank account, of Easy Capital Global Pty Ltd, a company which held an Australian financial services licence.

In affirming ASIC’s decision (refer: 17-036MR), the AAT found that Mr Wang:

• was dishonest in that he transferred an investor’s money from Easy Capital Global Pty Ltd’s Australian bank account to the bank account of a company in the Seychelles with which Mr Wang had a very close relationship, at a time when he knew the investor was claiming the return of his money;
• showed substantial incompetence in his handling of business matters;
• sent emails to the investor which were somewhat misleading; and
• is not adequately trained and is not competent to provide a financial service or financial services.

Mr Wang’s banning is recorded on ASIC’s Banned and Disqualified Persons Register.

Editor's note:

On 18 June 2018, Mr Wang filed a Notice of Appeal with the Federal Court of Australia in relation to the decision of the Administrative Appeals Tribunal.