Court restrains “futures trader” Roger Munro from operating financial services business in Australia

A follow-up to LeapRate’s earlier report about the proceedings undertaken by the Australian Securities & Investments Commission (ASIC) against unlicensed traders Dr Roger Gareth Munro and Mrs Kathleen Susan Munro.

The Supreme Court of Queensland has ruled that Dr Roger Munro breached the Corporations Act by running a financial services business in Australia without holding the necessary Australian financial services (AFS) licence and has permanently restrained him from doing so.

ASIC alleges that since August 2011, Dr Munro has, with the assistance of Kathleen Munro, run an unlicensed financial services business in Australia and raised more than $1.5 million from investors, friends and family for what the couple dubbed “trading purposes”.

During legal proceedings, investors testified that Dr Munro approached them about investing in a trading group, which he called “Tradestation Futures” and that they paid him money as investments in Tradestation. Each investor is still owed substantial sums by Dr Munro, with one investor being owed $500,000.

The court issued a disclosure order on 7 August 2015, requiring Dr Munro to provide ASIC with information about his fundraising activities and the location of investor funds. This matter remains before the court.

You can view the detailed announcement from ASIC on this case by clicking here.

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