Six-year ban for derivatives trader
Derivatives trading director Neil King was banned from the financial services industry for six years after he mislead clients into trading with his company.
The Federal Court found King and his company Camelot Derivatives used investment seminars and workshops to talk about high returns earned by Camelot clients.
King made these representations to the public despite the fact that between January 2008 and December 2009, 50 Camelot clients lost over $2.47 million while paying commissions of over $2.45 million, the court found.
In 2010, 16 Camelot clients lost $982,432 while paying commissions of over $1 million.
In proceedings brought by the Australian Securities and Investments Commission against Camelot, the Federal Court ordered King be banned from the industry for six years.
The court also ordered that the asset preservation orders be varied to allow a payment of $375,000 to Camelot by another company controlled by King - Camelot Capital Pty Limited.
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