ASIC permanently bans former contracts for difference dealer
The Australian Securities and Investments Commission (ASIC) has permanently banned a former contracts for difference (CFD) dealer after it found that he had engaged in misleading and deceptive conduct under a deregistered business name.
The regulator's investigation found that Simon Marcus Gundry continued to do business through his online investment business SSG Trading with some of his 15 investors despite the fact that the business was deregistered in 28 April 2008.
Between the periods 1 January 2007 to 9 December 2010, Gundry had induced those investors to invest $835,168 through his trading platform, ASIC stated.
According to ASIC, Gundry, who is under investigation by Victoria Police, had "engaged in misleading and deceptive conduct, and induced investors to deal in financial products by providing them with a weekly trade review" that was deceptive in indicating that the said investments were performing well.
"Instead of using the funds to trade, Gundry spent the money on day-to-day living expenses, as well as to fund various payment entitlements to the investors," ASIC commissioner Peter Kell said.
Gundry has the right to appeal for a review of ASIC's decision through the Administrative Appeals Tribunal.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
