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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
