The Maxwell Financial Services website established by Mr Matthew Berestford stated that its representatives held an Australian financial services licence (AFSL) and that the business was associated with ASIC and the Australian Prudential Regulation Authority (APRA). ASIC alleges that these representations are false and that the business has been operating without the necessary AFSL. ASIC also alleges that a significant amount of money raised from retail investors has been dissipated.
