ASIC has banned an unlicensed CFD trader from providing financial services for 10 years.
Mark Jennings has been banned from providing financial services and carrying on a financial services business for 10 years after he advertised guaranteed investment returns and traded Contracts for Difference (CFDs) using client funds when he was not licensed.
In a statement on Tuesday, the corporate regulator explained that Mr Jennings — the former director of Suncoast Trading which collapsed after suffering significant losses trading client monies — subsequently advertised under the name Equity Trade that he could make “50 per cent, 100 per cent or 200 per cent per year, GUARANTEED RETURNS”.
The Equity Trade website also stated that “[our] investments are recession proof, we profit in both rising and falling markets”.
Meanwhile, Suncoast Trading, Equity Trade, and Mr Jennings did not hold the necessary Australian Financial Services licence or authorisation to provide financial services.
The ASIC delegate found that Mr Jennings:
The ASIC ban prevents Mr Jennings from providing any financial service, controlling an entity that carries on a financial services business, and performing any function involved in carrying on a financial services business.
A former AMP financial adviser has called on advisers in the buyer of last resort class action against AMP to “ensure ...
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect statement of ...
The head of the FSC says the corporate regulator is sending mixed messages to the financial advice and superannuation ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin