ASIC bans second MDA director
Another director of Managed Discretionary Account (MDA) provider, Jade Capital has been banned by the Australian Securities and Investments Commission (ASIC).
The regulator announced today that the director, Matthew McCrow had been banned from providing financial services for a period of five years, effective from 15 January.
The announcement noted that Jade Capital had recently had its Australian Financial Services License (AFSL) cancelled by ASIC and another of directors, James Clinnick had been banned.
The announcement said McCrow had been banned because he was involved in Jade Capital’s breaches of the law and that Jade Capital had contravened financial services law by advertising misleading returns, fees and costs, performance history and results relating to MDA strategies.
It said that Jade Capital had also failed to ensure McCrow was adequately trained and competent.
ASIC said that a surveillance had also revealed that as a representative of Jade Capital, McCrow had failed to comply with financial services laws on many occasions over a significant period.
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