A former financial services director has received a prison sentence of more than five years after pleading guilty to offences involving dishonest conduct, carrying on an unlicensed financial services business and recklessly dealing with the proceeds of crime.
The sentence of five years and six months was handed down on 8 May to Ashley Vincent Arandez of Hoppers Crossing, Victoria, in the County Court of Victoria, in regards to $1.97 million that he received from investors while providing financial product advice, including during a period when he was not licensed or authorised to provide financial services.
The Australian Securities and Investments Commission (ASIC), which investigated Arandez and referred the case to the Office of the Commonwealth Director of Public Prosecutions, stated that between September 2017 and April 2021, he carried on a financial services business.
“He recommended to clients they invest funds from their SMSF into investment products which he controlled and promised fixed interest returns of 8 to 12 per cent per annum or up to 300 per cent payable on maturity after three years,” ASIC stated.
“During 2019 to 2021, Arandez was unlicensed and his promised investments were mostly unfulfilled. He used some of the investor funds for his own personal use, including purchasing property in his own name and a motorhome.”
The corporate watchdog’s records state that from June 2015 to June 2019, Arandez was licensed under Diverse Advisers Pty Ltd until it ceased activities on 22 June of that year and from that time on he was no longer licensed or authorised by an Australian financial services licensee.
The regulator initially froze his assets and those of five related entities in 2022, restrained his travel in February 2023 and then charged him in June 2023, before he pleaded guilty to the charges in August 2025.
He will be eligible for parole after serving three years and six months, but as a result of his conviction he is automatically disqualified from managing corporations and that disqualification will end five years after his release from prison.
ASIC deputy chair Sarah Court 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.”
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason