Qld financial adviser jailed for $6m fraud

A former financial adviser who diverted almost $6 million from his clients to a South Australian abalone farm will spend at least six years in a Queensland prison.

Ben Jayaweera was found guilty by a Brisbane jury of dishonestly causing detriment to several clients through his company Growth Plus Financial Group between September 2013 and October 2015.

He convinced investors to transfer $5.9 million into a scheme he claimed was investing in cash, property, shares, aquaculture and agriculture.

However the funds were instead being diverted into a South Australian abalone farm operated by entities under his control.

An Australian Securities and Investments Commission investigation found Jayaweera had also invested some of his clients superannuation funds into the scheme without their knowledge or permission.

"The majority of Mr Jayaweera's clients were near or at retirement age and suffered significant financial harm from Mr Jayaweera's actions," ASIC commissioner Danielle Press said in a statement on Friday.

The abalone farm was wound up by receivers and liquidators of Jayaweera's company say there is no return from the scheme.

He was sentenced in Brisbane District Court to 12 years behind bars, but must serve six years before he becomes eligible to apply for parole.