The Australian Securities and Investments Fee (ASIC) has banned Queensland-man Mark Jennings for ten years from offering monetary companies and controlling any monetary companies enterprise entity.
Introduced on Tuesday, Jennings was discovered to have falsely marketed on assured returns from contracts for variations (CFDs) buying and selling and offering companies with none obligatory license.
Jennings is a former Director at Suncoast Buying and selling Pty Ltd (operated as Fairness Commerce), a buying and selling firm now below liquidation. The corporate collapsed because it suffered important losses whereas buying and selling with shopper monies.
The Aussie regulator detailed that Jennings, when promoting for Fairness Commerce, supplied excessive assured returns for his purchasers. He claimed he may make “50%, 100% or 200% per yr GUARANTEED RETURNS.” Moreover, the Fairness Commerce web site claimed the corporate’s investments to be “recession-proof” because it takes income from “each rising and falling markets.” And all of those companies had been supplied with none applicable license.
ASIC detailed that Jennings carried out his funding enterprise with out holding any Australia Monetary Service (AFS) license, which is necessary for such operations. There have been additionally some traces of misappropriation of funds as he made some purchasers deposit their funds into his private buying and selling account and traded CFDs with out consulting them.
Furthermore, he was blamed for making false and deceptive claims of assured returns. Certainly CFDs buying and selling permits merchants to revenue from each rising and falling markets. Nonetheless, these devices are extraordinarily dangerous, and most retail merchants lose their investments whereas buying and selling CFDs. The UK and European regulators even mandate retail brokers to reveal the share of their purchasers who’re dropping monies.
Moreover, Jennings even supplied false or deceptive info to the regulator on the variety of Fairness Commerce purchasers and the extent of their losses. The regulator additionally discovered that he’s not adequately skilled or competent sufficient to supply monetary companies and “is prone to contravene a monetary companies regulation.”
ASIC’s Crackdowns
Australia is taken into account one of many matured CFDs markets. A number of well-known retail brokers are headquartered within the nation, whereas many worldwide ones are increasing there. In the meantime, ASIC stays strict with its rules across the business and imposes heavy limits on leverage and advertising techniques till Might 2027.
Earlier this month, ASIC additionally banned a former supervisor of CFDs dealer Trade360 for eight years, blaming him for not being “adequately skilled and competent.” In the meantime, the regulator obtained a court docket order earlier this yr towards one other dealer, sending him to jail for 9 months for buying and selling CFDs with insider info.
The Australian Securities and Investments Fee (ASIC) has banned Queensland-man Mark Jennings for ten years from offering monetary companies and controlling any monetary companies enterprise entity.
Introduced on Tuesday, Jennings was discovered to have falsely marketed on assured returns from contracts for variations (CFDs) buying and selling and offering companies with none obligatory license.
Jennings is a former Director at Suncoast Buying and selling Pty Ltd (operated as Fairness Commerce), a buying and selling firm now below liquidation. The corporate collapsed because it suffered important losses whereas buying and selling with shopper monies.
The Aussie regulator detailed that Jennings, when promoting for Fairness Commerce, supplied excessive assured returns for his purchasers. He claimed he may make “50%, 100% or 200% per yr GUARANTEED RETURNS.” Moreover, the Fairness Commerce web site claimed the corporate’s investments to be “recession-proof” because it takes income from “each rising and falling markets.” And all of those companies had been supplied with none applicable license.
ASIC detailed that Jennings carried out his funding enterprise with out holding any Australia Monetary Service (AFS) license, which is necessary for such operations. There have been additionally some traces of misappropriation of funds as he made some purchasers deposit their funds into his private buying and selling account and traded CFDs with out consulting them.
Furthermore, he was blamed for making false and deceptive claims of assured returns. Certainly CFDs buying and selling permits merchants to revenue from each rising and falling markets. Nonetheless, these devices are extraordinarily dangerous, and most retail merchants lose their investments whereas buying and selling CFDs. The UK and European regulators even mandate retail brokers to reveal the share of their purchasers who’re dropping monies.
Moreover, Jennings even supplied false or deceptive info to the regulator on the variety of Fairness Commerce purchasers and the extent of their losses. The regulator additionally discovered that he’s not adequately skilled or competent sufficient to supply monetary companies and “is prone to contravene a monetary companies regulation.”
ASIC’s Crackdowns
Australia is taken into account one of many matured CFDs markets. A number of well-known retail brokers are headquartered within the nation, whereas many worldwide ones are increasing there. In the meantime, ASIC stays strict with its rules across the business and imposes heavy limits on leverage and advertising techniques till Might 2027.
Earlier this month, ASIC additionally banned a former supervisor of CFDs dealer Trade360 for eight years, blaming him for not being “adequately skilled and competent.” In the meantime, the regulator obtained a court docket order earlier this yr towards one other dealer, sending him to jail for 9 months for buying and selling CFDs with insider info.
