Ashley Arandez of Hoppers Crossing in Victoria has been sentenced to 5 years and 6 months imprisonment in the County Court of Victoria, after pleading guilty to offences involving dishonest conduct, carrying on an unlicensed financial services business, and recklessly dealing with the proceeds of crime.

The former financial services director was sentenced on 8 May 2026. Mr Arandez will be eligible for parole after serving 3 years and 6 months.

The charges relate to $1.97 million that Mr Arandez received from investors while providing financial product advice. From 23 June 2019, Mr Arandez was not licensed or authorised to provide financial services.

Between September 2017 and April 2021, Mr Arandez carried on a financial services business. He recommended to clients that they invest funds from their self-managed superannuation fund into investment products which he controlled, and promised fixed interest returns of 8-12% per annum or up to 300% payable on maturity after three years.

During 2019 to 2021, Mr Arandez was unlicensed and his promised investments were mostly unfulfilled. Mr Arandez used some of the investor funds for his own personal use, including purchasing property in his own name and a motorhome.

ASIC’s 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.’

As a result of Mr Arandez’s conviction, he is automatically disqualified from managing corporations. The disqualification will end five years after his release from prison.

The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions following an investigation and referral by ASIC.

Background

Mr Arandez was not licensed or authorised to engage in financial services from 23 June 2019.

In 2022, ASIC obtained orders from the Federal Court freezing the assets of Mr Arandez and five related entities. The orders were updated in February 2023 to include travel restraint orders preventing Mr Arandez from leaving Australia or attempting to leave Australia (22-156MR).

On 7 June 2023, Mr Arandez was charged with dishonest conduct and dealing with the proceeds of crime (23-153MR).

On 5 August 2025, Mr Arandez pleaded guilty to dishonest conduct, unlicensed conduct, and dealing with proceeds of crime between September 2017 and April 2021 (25-153MR).