Queensland fraudster Shane William Hoy has been put behind bars for five-and-a-half years after conning investors of $556,000.
Unlicensed adviser Hoy, 34, of Tanah Merah, admitted swindling New South Wales and Queensland investors through his company BG Investments International.
At Brisbane District Court he admitted four fraud charges, four counts of providing false information to ASIC and carrying on a financial services business without an Australian financial services license.
In one case, Hoy fleeced investors of $368,000 on the promise their funds would be put into a fixed term deposit account with a return of at least 10 per cent a month. Hoy also duped an elderly person out of $75,000 to cover funds lost in unrelated investments.
The jail term demonstrates ASIC's tough stance with fraudsters, ASIC executive director of enforcement Jan Redfern said.
A FPA spokesperson said: "We don't take exception to the term 'unlicensed adviser'. What's important is people's understanding of what it means. Any person offering financial product advice to consumers must be licensed by ASIC. This is a message that FPA consistently seeks to communicate to consumers.
"Provided there's consumer understanding of the benefits and protections which come from obtaining advice from a licensed adviser, the term 'unlicensed adviser' will not sully the reputation of bone fide advisers."
