The Australian Securities and Investments Commission today announced an eight-year ban for Mark Bringans, former responsible manager of OTC provider Sirius Financial Markets (trading as Trade360).
Bringans’ban follows an investigation conducted by the Aussie watchdog into Sirius Financial which discovered that the company breached its Australian financial services licence obligations. The violation came from Sirius Financial failing to address the conduct of Toyga Media Ltd, an off-shore call centre it hired to source clients to trade in its high-risk CFD and margin foex contracts.
According to ASIC, Toyga engaged in pressure selling tactics. Furthermore, off-shore call centre provided personal advice on behalf of Sirius Financial without a license.
Following the investigation, Sirius Financial agreed to stop its retail and wholesale operations and ceased providing financial services in July 2022. Two former Sirius Financial executives were also banned from controlling or managing a financial services entity for eight years, Jonathan Schneider and Oskar Pecyna.
