Tag: ASIC

ASIC ban
February 22, 2023 BY Steffy Bogdanova

ASIC brings charges against third person involved in Courtenay House $180 million FX Ponzi scheme

The allegations against Sipina are related to Courtenay House's illegal activities, which took place between June 2015 and April 2017. The regulator called Courtenay House's operation, a Ponzi scheme. The court alleges that the group convinced at least 585 investors to invest more than $180 million based on false representations that their money would be…

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ASIC ban
January 30, 2023 BY Steffy Bogdanova

ASIC bans Bradford AI for four years for providing unlicensed FX trading services

CFDs are leveraged derivative contracts and are regarded as a high-risk product. ASIC takes the regulation of offering such instruments very seriously and imposes heavy penalties on unlicensed CFD traders. Additionally, the Australian regulator found that Finerty mislead and deceived his clients about the performance of Robot 1 and “directed or assisted” clients to mislead…

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ASIC
November 24, 2022 BY Steffy Bogdanova

ASIC updates guidance on how to name ETPs

Furthermore, the Australian regulator has decided to revise the definitions of 'Active' and 'Complex' products and specifying that all labels should appear at the end of the product trading name and secondary label should appear immediately before the primary label. ETP products should now be named “XYZ Active ETF” (or XYZ Complex ETF). ASIC Commissioner…

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ASIC ban
November 23, 2022 BY Steffy Bogdanova

ASIC sues Block Earner for unlicensed crypto offerings

ASIC is now seeking declarations, injunctions, and pecuniary penalties. ASIC Deputy Chair Sarah Court said: We are concerned that Block Earner offered financial products without appropriate registration or an Australian Financial Services licence, leaving consumers without important protections. Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law.…

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Bankman-Fried jailed ahead of his October trial
November 16, 2022 BY Steffy Bogdanova

FTX’s AFS license suspended by ASIC

The crypto exchange FTX collapsed last week following a liquidity crunch and a subsequent hack which drained millions of dollars from the company which was already in a tough spot. As allegations of customer fund misappropriation surfaced and prompted regulatory scrutiny, investors are reluctant to provide capital to the exchange. Last week, FTX founder Sam…

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ASIC ban
November 15, 2022 BY Steffy Bogdanova

ASIC slaps a 10-year ban on unlicensed CFD trader

In its investigation, ASIC found that Suncoast Trading, Equity Trade, nor Jennings hold the necessary Australian Financial Services licence to provide financial services. Furthermore, it was discovered that Jennings had some clients put their deposits into his personal trading account and traded CFDs without consulting them. He made false or misleading statements to his clients…

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ASIC ban
November 08, 2022 BY Steffy Bogdanova

FX Ponzi scheme operator pleads guilty in a $180 million fraud case brought by ASIC

According to ASIC, the Courtney House companies convinced investors that their funds would be traded in Forex and Futures markets, however, only 3% of those funds were actually traded. Instead, the amounts paid to investors on monthly basis, came from the deposits of new investors. The Australian regulator stated: In addition to offering purported ‘standard’…

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ASIC ban
November 02, 2022 BY Steffy Bogdanova

ASIC issues an 8 year ban on former Trade360 manager

Regarding Bringans, the regulator stated: In banning Mr Bringans, ASIC found that he is not adequately trained and competent, that he is not a fit and proper person to provide financial services, and that he ignored one of his key duties as a responsible manager, which was to ensure that Sirius Financial complied with the…

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