ASIC stated that EuropeFX and TradeFred: provided personal advice to clients without licence to do so; made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect; failing to adequately explain or disclose to clients the risks involved in investing…
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The Vanuatu Financial Services Commission regulated broker noted that 50% of the withdrawals have been processed so far and the company continues to work to process the rest of them. USG stated that it expects all of the funds to be processed and refunded by the end of March 2021. Earlier this year, the USGFX…
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The company also failed to lodge its audited accounts for the 2017-19 financial years. Companies holding an AFS licence must lodge their financial statements and auditor’s reports annually. ASIC decided to cancel Selectinvest’s licence because the company failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA) and had failed…
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ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between 14 August 2017 and 18 January 2018. ASIC claims Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice…
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He was also charged with six counts of making a statement that was a maximum penalty of two years’ imprisonment and/or a fine of $21,000 for each of them. He also received five counts of to fraud with maximum penalties varying between 14 and 20 years’ imprisonment. Read more: ASIC investigation leads to eight years’…
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Justin Pooni commented: We welcome ASIC’s long-awaited announcement ensuring greater client protection and we support ASIC’s efforts in implementing robust and proportional regulation in the margin and CFD sector. He added: ACY Securities are of the view that measures introduced to improve customer outcomes will also benefit the CFD industry in supporting brokers who already…
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The suspension will last for 10 weeks and give Ballas enough time to put in place adequate compensation arrangements. This will also provide Ballast with an opportunity to identify and appoint an appropriately qualified and experienced responsible manager following the resignation of its previous responsible manager. ASIC may consider cancelling Ballast’s licence if the company…
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Dick has provided financial advice on behalf of Jigsaw Support Services Limited, GWM Adviser Services Limited and most recently, Synchronised Business Services Pty Ltd, who ceased authorisation of Dick in April 2018 and reported the matter to ASIC. ASIC Deputy Chair Daniel Crennan QC commenred: Mr Dick has been found to have breached the trust…
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ANZ has admitted that it lacked any contractual entitlement to charge those fees. With these fee charges, ANZ contravened with the Australian Securities and Investments Commission Act (ASIC Act) and breached its general obligations. The court ordered the bank to pay a penalty in the amount of $10 million. ASIC Deputy Chair Daniel Crennan QC…
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According to the regulator, Moore breached a contractual agreement between BGC and a referring broker by: charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and trading at prices other than the agreed independent valuation on transactions entered on behalf of a…
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