Former CFS Private Wealth financial adviser sentenced to six years in prison for $1.8M Ponzi scheme LeapRate

August 04, 2020 BY Steffy Bogdanova

Former CFS Private Wealth financial adviser sentenced to six years in prison for $1.8M Ponzi scheme

ASIC Deputy Chair Daniel Crennan QC said: As a financial adviser Mr Miller ought to have protected the interests of his clients. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges. Miller was a financial adviser of CFS between 2013…

Samtrade secures FCA and ASIC licences in expansion of its global footprint

July 29, 2020 BY Steffy Bogdanova

Samtrade expands global footprint and secures FCA and ASIC licences

Sam Goh, Founder and CEO, Samtrade FX commented: Since incorporation, ensuring trust and confidence in every trade has been central in everything that we do. These added layers of regulation – on top of the existing licences that Samtrade FX already holds, reinforces our commitment toward setting the highest possible standards in corporate governance, trading…

July 23, 2020 BY Steffy Bogdanova

Organised crime investigation into $17 million fraud leads to charges against 12 people

AFP Commander Investigations, Eastern Command, Kirsty Schofield commented: Transnational and serious organised crime groups are evolving. No longer do they target any specific crime type or commodity, they adapt to their environments by recruiting professional enablers to provide experience in the financial, legal or any other field they feel can earn them money. This investigation…

July 22, 2020 BY Steffy Bogdanova

ASIC suspends the licence of OTC derivatives issuer USGFX

Even though the licence is suspended, ASIC has allowed the administrators to conduct certain necessary activities under the licence during the suspension period, including to have in place a dispute resolution scheme and arrangements for compensating retail clients, to hold professional indemnity insurance and to allow the termination of existing arrangements with current clients of…

July 17, 2020 BY Steffy Bogdanova

Forex Capital Trading sued for unconscionable conduct and conflicted remuneration

The Australian regulator also alleges that Forex CT contravened a ban on conflicted remuneration under the Corporations Act by paying account manager bonuses primarily based on client “net deposits” (total client deposits less withdrawals) and failed to act in the best interests of clients. This may add a maximum civil penalty of $1,000,000 for the…

July 10, 2020 BY Steffy Bogdanova

Australia FX broker USGFX enters into voluntary administration, blames ASIC

Retail FX brokerage group USGFX set up its UK subsidiary Union Standard International Group Limited in November 2019. The company had applied for and received an FCA license for USGFX UK, which became effective on November 5. In December 2019 ASIC announced that the Federal Court in Sydney issueed asset restraint orders against Corporate Authorised…

July 03, 2020 BY Steffy Bogdanova

Credit Suisse pays $75K infringement fine

According to ASIC regulation NXXT Trade is not a transaction permitted for an on-market buy-back. The MDP considered that Credit Suisse had failed to act in accordance with its clients’ instructions to conduct an on-market buy-back when it had entered the NXXT trades. The MDP alleges that Credit Suisse was careless as it did not…

July 03, 2020 BY Steffy Bogdanova

Forex Weekly Look Back: FXSpotStream reports third highest ADV month ever, BDSwiss secures FSA Seychelles license

The UK Financial Conduct Authority suspended Wirecard’s UK subsidiary and left thousands of people in the UK unable to access their money. The UK regulator froze Wirecard Card Solutions’ UK lincense to protect the company's clients following the German-based parent company Wirecard AG filing for insolvency on Thursday last week after accounting firm Ernst & Young…

June 30, 2020 BY Steffy Bogdanova

ASIC bans former Forex Capital Trading account manager for three years

ASIC also discovered that Marsh made misleading statements to clients. He promised they would make profits trading with Forex CT when actually CFD is a relatively high-risk investment. Marsh also promised that risk the of trading losses is reduced if clients made increased deposits in their trading accounts while in reality increasing deposits is placing…

June 23, 2020 BY Steffy Bogdanova

Former Melbourne director of Quantum charged with insider trading

The Australian regulator ASIC alleged that at the time Kimelman was in possession of inside information concerning the intention by Quantum (now Nova Minerals Limited) to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada. At the time of the alleged offences, the charges of insider…

Tag: ASIC

Former CFS Private Wealth financial adviser sentenced to six years in prison for $1.8M Ponzi scheme

Samtrade expands global footprint and secures FCA and ASIC licences

Organised crime investigation into $17 million fraud leads to charges against 12 people

ASIC suspends the licence of OTC derivatives issuer USGFX

Forex Capital Trading sued for unconscionable conduct and conflicted remuneration

Australia FX broker USGFX enters into voluntary administration, blames ASIC

Credit Suisse pays $75K infringement fine

Forex Weekly Look Back: FXSpotStream reports third highest ADV month ever, BDSwiss secures FSA Seychelles license

ASIC bans former Forex Capital Trading account manager for three years

Former Melbourne director of Quantum charged with insider trading

Indian Regulator Looks at Adani Stock Manipulation

EUR/USD Weaker On The Back Of Preliminary Eurozone PMI Data

Visa Beats Profit Predictions As Credit Card Spending Grows

Tesla Cuts Prices In Major Markets

Meta Looking For Tech Partners To Use Meta Quest