Victorian futures trader jailed

A former Fasciale Futures Trading director has been sentenced in the Melbourne County Court to six years imprisonment on charges brought by the Australian Securities and Investments Commission (ASIC).

Spartaco Fasciale of Moonee Ponds, Victoria, will serve a minimum of four years after he was convicted by a jury on four counts of obtaining a financial advantage by deception, 10 counts of dishonestly obtaining property by deception and 14 counts of breaching directors’ duties following a two-week trial. He was found not guilty of a further count by direction of the court.

At the time of the offences Fasciale was the director of Fasciale Futures Trading, now in liquidation.

ASIC found between March 2004 and May 2006 nine people invested over $1.4 million with Fasciale Futures on the understanding that some of the funds would be traded on the Australian Securities Exchange and other money would be held in trust. Investors were also advised that Fasciale would generate returns between 3 and 5 per cent every month.

According to ASIC, Fasciale subsequently lost over $250,000 of investors’ money trading on futures contracts and used the remaining money to pay investors their returns as well as cover his own lifestyle expenses.

ASIC said Fasciale did not hold an Australian Financial Services (AFS) licence nor was he authorised to represent an AFS licensee.