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Sydney lawyer appeal against ASIC ban dismissed
The Federal Court of Australia has denied an appeal put forward by a Sydney lawyer and accountant, following ASIC placing a permanent ban on him providing financial services.
Emma Musgrave
Yingjie Wang (also known as Jay Wang) has had his appeal dismissed by the Federal Court of Australia, after it found he acted dishonestly while providing financial services.
"At the time of the relevant conduct 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.
"Mr Wang subsequently appealed the banning decision to the Administrative Appeals Tribunal and then, to the Federal Court of Australia."
In dismissing Mr Wang’s appeal, the Federal Court upheld the AAT’s findings that Mr Wang: “had a dishonest state of mind when 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; sent emails to the investor that were misleading; and is not of good fame and character”.
Furthermore the court found the misleading emails sent by Mr Wang to the investor “was conduct in relation to a financial product for the purposes of s1041H of the Corporations Act (contrary to the AAT’s finding)”.
Commenting on the decision, ASIC Deputy Chair Dan Crennan QC said: “The Federal Court’s decision demonstrates that ASIC’s administrative decision making is robust and that ASIC’s banning decisions, which are key protective measures, are well capable of withstanding multiple challenges”.
"ASIC’s banning powers are vitally important such that ASIC can directly and expeditiously remove anyone who acts dishonestly from the financial services industry."
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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