Retrial allowed for convicted Queensland adviser

The Court of Appeal of the Supreme Court of Queensland has accepted the appeal against the conviction and sentence of former financial adviser and director of Growth Plus Financial Group, Ben Jayaweera.

Jayaweera was found guilty of six charges of “dishonestly causing detriment to clients” in 2019, after he defrauded investors out of $5.9 million by encouraging them to transfer funds mostly out of superannuation into an unregistered managed investment scheme between 2013 and 2015.

The scheme, known as the Australian Diversified Sector Income Fund (ASDIF), was falsely promoted by Jayaweera as a diversified fund investing in cash, property, shares, aquaculture and agriculture.

However, the fund’s only investment was a single abalone farm project in South Australia controlled by Jayaweera.

The Supreme Court of Queensland also heard how Jayaweera invested some clients’ superannuation funds into ASDIF without their prior knowledge or consent.

Previously sentenced to 12 years, the Court allowed the appeal on the grounds that the trial judge’s directions to the jury were “deficient” and resulted in a miscarriage of justice.

A new trial has been ordered on all six counts, with Jayaweera’s prior convictions set aside.

The Commonwealth Director of Public Prosecutions (CDPP) originally prosecuted the matter after a referral from the Australian Securities and Investments Commission (ASIC).