Mr 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.

Further details are available at ASIC.