ASIC pursues Melbourne derivatives dealer
A Melbourne-based derivatives dealer is being prosecuted by the Australian Securities and Investments Commission (ASIC) following an investigation into suspected misleading and deceptive conduct.
In the civil proceedings to be heard in the Federal Court, ASIC is seeking declarations that Camelot Derivatives and its sole director, Neil Walter King, failed to ensure that the financial services provided under the company’s Australian Financial Services Licence (AFSL) were honest and fair.
ASIC is also seeking declarations that neither Camelot nor King complied with the conditions of the AFSL, or failing that, that King was an accessory to Camelot’s contraventions.
ASIC is also seeking orders to restrain the alleged misleading and deceptive conduct, which includes representing that Camelot’s clients have generated significant returns in an options trading market, or enticing any person to invest in an options trading market on the advice of Camelot or King.
Interim and final restraints on Camelot’s claims to have experience in implementing a successful strategy to generate significant returns in an options trading market are also being sought.
The proceedings will be heard in the Federal Court on 4 February, 2011.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
