ASIC slaps 8-year ban on former director of derivatives issuer

ASIC ASIC ban derivatives over the counter derivatives policy and regulation australian securities and investments commission Australian financial services licence AFS OTC derivatives AGM Markets agm conflict of interest administrative appeals tribunal AAT

19 November 2018
| By Nicholas Grove |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned Yossi Ashkenazi of Caulfield South, Victoria, from providing financial services for a period of eight years.

On 5 November 2018, the securities regulator said it cancelled the Australian Financial Services (AFS) licence of the retail OTC derivative issuer, AGM Markets Pty Ltd (AGM).

ASIC said it found AGM’s financial services business involved core elements of unconscionability and unmanaged conflicts of interest and followed a business model that disregarded key conduct requirements.

Until 3 April 2018, Ashkenazi was the only Australian resident director and was the chief executive of AGM, the regulator said.

In making the order to ban Ashkenazi for eight years, ASIC said it found that Ashkenazi had a key role regarding AGM’s financial services business and had been involved in the contravention of a financial services law, namely AGM’s contravention of engaging in unconscionable conduct in connection with financial services.

ASIC said it also found that Ashkenazi was also likely to contravene a financial services law and was not adequately trained, or was not competent, to provide a financial service or financial services.

Ashkenazi has the right to appeal to the Administrative Appeals Tribunal for a review of the decision, ASIC said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 week 2 days ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 week 6 days ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 2 weeks ago

The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March....

3 weeks 6 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

4 weeks ago

New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital....

3 weeks 5 days ago

TOP PERFORMING FUNDS