Unlicensed trader Dr Roger Munro pleads guilty to fraud charges
Dr Roger Munro has pleaded guilty in the District Court of Queensland to three counts of fraud for pretending to invest client funds.
Munro received funds from investors for a trading fund which he referred to as the TradeStation Futures Trading Fund but did not invest these funds into TradeStation as promised.
Instead, the Australian Securities and Investments Commission (ASIC) said Munro dishonestly applied those funds to his own use or the use of another.
Munro was charged following an investigation by ASIC and was due to face a three-week criminal trial.
“Investors were not aware that their money was being used by Dr Munro in this way and Dr Munro continued to make representations to investors that their money was being invested in TradeStation by falsely reporting on the profits and losses being made by TradeStation,” ASIC said.
The charge of aggravated fraud contrary to s408C(2) of the Queensland Criminal Code carried a maximum penalty of twelve years imprisonment.
Munro would be sentenced on 30 July, 2021; in the meantime, he was released on bail and was required to report to police daily.
On 24 July, 2015, ASIC brought civil proceedings against Munro in relation to its investigation into TradeStation.
ASIC sought declarations and other orders in relation to Munro's conduct, alleging that he had breached s911A of the Corporations Act by carrying on a financial services business in Australia without an Australian Financial Services licence (AFSL).
On 3 February, 2016, the Supreme Court of Queensland found that Munro had breached s911A of the Corporations Act and permanently restrained him carrying on a financial services business in Australia without holding an AFSL.
On 17 March, 2017, Munro was arrested and charged with five counts of fraud, but two charges did not proceed due to unavailability of witnesses.
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