ASIC cancels Chronos Capital’s AFSL
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Ultimo-based financial services company, Chronos Capital, and permanently banned its director and responsible manager, Robert Semple, from providing financial services.
The corporate regulator found Chronos breached financial services laws by claiming on its website that it was authorised to provide managed discretionary account (MDA) services to clients when it was not authorised to do so under its AFSL.
It also provided MDA services to three clients, and misled clients into believing it was an investment in a debenture, when in fact, it was an unsecured loan.
Semple had been incarcerated since October 2013, and as such, was found to be incapable of carrying out his duties as the responsible manager due to his incarceration. He was also involved in breaking financial services laws along with Chronos, and was "not of good fame and character".
He will remain in prison until April 2016.
The AFSL cancellation was effective from 11 November, 2015, and Semple's banning was effective from 12 November.
But both Chronos and Semple made separate applications to the Administrative Appeals Tribunal to review ASIC's decision on 8 December.
AUTHOR
Malavika Santhebennur
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