ASIC takes court action over unlicensed trading advice
The Australian Securities and Investment Commission (ASIC) has taken court action against a Byron Bay man who was operating a financial services business without holding an Australian financial services licence (AFSL).
After an investigation by ASIC, Senen Pousa was charged with aiding and abetting Investment Intelligence Corporation (IIC), a company owned by Pousa, to carry on a financial services business between September 2011 and June 2012 with an AFSL.
Pousa appeared in the Brisbane Magistrates Court on 26 March and faces a maximum penalty of two years imprisonment, a fine of $22,000, or both if found guilty.
At present the matter, which is being prosecuted by the Commonwealth Director of Public Prosecutions, was adjourned and is next scheduled for mention on 28 May 2015.
In mid-2012 ASIC froze more than $3 million in funds held by IIC as part of its investigation and obtained orders preventing Pousa from leaving the country.
ASIC stated IIC was an online financial mentoring company and sold financial mentoring memberships through an internet platform called ProphetMax and at the time of its investigation had 3000 members worldwide.
IIC recommended that members engage in in foreign currency trading through a New Zealand registered broker before transferring funds to a bank account in the Netherlands from which to trade in foreign currency in the USA.
ASIC found the USA currency trader was not registered with the Commodities Futures and Trading Commission and IIC did not hold an AFSL.
AUTHOR
Jason Spits
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