Australian Securities and Investments Commission (ASIC) has announced that Brett Tony Best, 40, of Middle Park, Brisbane, has been sentenced to 13 years imprisonment for various charges related to operating an unregistered managed investment scheme while director of Arafura Equities Pty Ltd (Arafura).

This follows Mr Best being remanded in custody on May 11 after he pleaded guilty to:

• one charge of operating an unregistered managed investment scheme;
• one charge of dishonestly gaining a financial advantage for himself worth $30,000; and
• six charges of dishonestly gaining a financial advantage for Arafura totalling $330,000.

Mr Best's guilty plea followed an investigation by ASIC into the operation and promotion of an illegal managed investment scheme operated by Arafura from 2003 which involved the trading of funds on foreign currency markets.

The investigation found that Arafura, Mr Best, and promoters induced 200 clients, primarily located in south-east Queensland, to invest money in the scheme between January 2003 and August 2005.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions. Mr Best will not be eligible for parole until he has served four years and four months of his sentence.

20 October, 2009