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.
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Comments (10)
I gues that's what happens when they don't care who pays for this nonsense.
It’s like banning someone from practicing medicine who has never qualified in medicine and is not a Doctor??
It’s simply bizarre!!
The level of disrespect & hatred that advisers have toward ASIC is at stratospheric levels.
….and Michelle Levy wonders why the relationship between advisers & the regulator is so poor.!!….really?
If advisers are footing the bill for ASIC to pursue non advisers then it is utterly unacceptable on every single level.
Why would anyone want to be a licensed adviser when you can do everything we do but without a license and if you get caught you get in NO TROUBLE AT ALL. Not even a slap on the wrist.
Laughable that you can keep up the pretence for 10 years as well when 'guaranteeing' returns. Surely a simple Google search of 'guaranteed returns' could take ASIC to the door of a few more 'unlicensed' advisers...