ASIC takes action against unlicensed traders

ASIC also alleges that since August 2011, Dr Roger Gareth Munro and Mrs Kathleen Susan Munro had told investors they were generating profits from trading, when documents show they had actually lost the money from trading in Australia.

In addition, ASIC claims the pair raised more than $1.5 million from investors, friends and family for trading purposes, but has failed to keep any, or produce any, books or records to ASIC in relation to this fundraising.

Further, a significant portion of funds, which have been provided to Dr Munro for trading, have ultimately been transferred to a brokerage account in Mrs Munro's name, ASIC said.

Traded funds were then redeemed and transferred into another bank account held by Mrs Munro, the regulator continued.

ASIC's application is listed in the Brisbane Supreme Court on 7 August.

According to The Courier Mail, Dr Munro was once at the centre of a $60 million collapse of two investment schemes. In 2012, ASIC attempted to prosecute Dr Munro but failed after the Commonwealth Director of Public Prosecutions determined there were no reasonable prospects for conviction, the newspaper reported.