Federal Court of Australia delivered judgements in in a binary options case ASIC brought against One Tech Media Ltd, Allianz Metro Pty Ltd, Eustace Senese and Yoav Ida.
The court found in February that One Tech Media, Allianz Metro, Senese and Ida had breached the Corporations Act in the pressure sale of binary options to consumers.
One Tech Media offered binary options trading through websites without an Australian Financial Services (AFS) Licence and the necessary product disclosure statements.
Australian company Allianz Metro Pty Ltd, together with Eustace Senese and Yoav Ida provided One Tech Media with services without AFS licence and also breached the Corporations Act. Senese and Ida also failed to issue the requisite PDS for each binary option trade conducted.
The court found that One Tech Media’s conduct was “systemic and deliberate” and caused substantial looses to clients and Senese and Ida contributed to that.
The judgment imposed a $1.8 million penalty on One Tech Media and permanently restrained the company from carrying on a financial services business. Allianz Metro was also banned from carrying on a financial services business. The court banned Senese as well and permanently disqualified him from managing corporations. Ida was banned for 15 years.
