On 7 June 2022, Mr Akhilesh Kamkolkar, of Surfers Paradise, Queensland, appeared at the Downing Centre Local Court charged with three counts of engaging in dishonest conduct and two counts of carrying on a financial services business without a licence.
Following an ASIC investigation, it is alleged that between January 2014 and February 2018, Mr Kamkolkar, as CEO and sole director of Orb Global Investments (Australia) Pty Ltd, obtained nearly one million dollars from four investors and failed to invest those funds according to their instructions.
It is alleged Mr Kamkolkar represented to the four investors that the investments were low risk, and falsely, that he had invested the funds which were earning returns. While $25,000 was repaid to one investor the balance of the funds was not recovered. Mr Kamkolkar allegedly used the nearly one million dollars for his own personal benefit, to pay other clients of Orb Global or to pay business expenses, without the consent or knowledge of the four investors.
It is further alleged that between April 2015 and July 2015, and later between March 2016 and February 2018, Orb Global and Mr Kamkolkar carried on a financial services business even though neither held an Australian Financial Services (AFS) licence and were not authorised representatives of an entity holding an AFS licence.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral by ASIC.
The matter has been adjourned to 2 August 2022.
Background
Mr Kamkolkar was the CEO and sole director of Orb Global Investments (Australia) Pty Ltd from January 2012 to September 2019. In 2018, Orb Global went into liquidation and it was deregistered on 2 September 2019.
The maximum penalty for each offence of dishonest conduct while carrying on a financial services business during the relevant time is up to 10 years’ imprisonment and/or a fine of up to $765,000 (count 1) or $810,000 (counts 2 and 3) or three times the total value of the benefits received (whichever is higher). For unlicensed conduct, the maximum penalty is two years’ imprisonment and/or a fine of up to $34,000 (count 4) or $36,000 (count 5).
