Australian Federal Court Slaps One Tech Media with US$1.24m Fine

One Tech Media was charged by ASIC for operating binary options trading without authorisation.

The Federal Court of Australia has imposed an AU$1.8 million (US$1.24 million) penalty on One Tech Media Ltd, a company which offered binary options trading to Australian consumers without having the proper authorisation.

Furthermore, on the 17th of June 2020, Eustace Senese, was banned by the Federal Court from managing corporations and carrying on financial services businesses.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

In particular, Justice Davies of the Federal Court delivered judgement in the binary options case the Australian Securities and Investments Commission (ASIC) brought against One Tech Media Ltd (OTML), Allianz Metro Pty Ltd (Allianz Metro), Mr Senese and Yoav Ida.

According to a statement from ASIC today, the Court said it would make orders that permanently bans OTML from carrying on a financial services business, as well as having to pay a fine of AU$1.8 million.

Suggested articles

Did COVID-19 Save the Forex Industry?Go to article >>

Under the orders, Australia company Allianz Metro will be permanently restrained from carrying on a financial services business and Mr Senese will be permanently disqualified from managing corporations and be permanently restrained from carrying on financial services businesses.

Mr Ida, on the other hand, will be disqualified from managing corporations for 15 years and restrained from carrying on financial services businesses for 15 years.

ASIC took OTML to court over binary options fraud

As Finance Magnates reported, ASIC took OTML to Court, because the company, based in Seychelles and later in the Marshall Islands, offered binary options trading to customers in Australia without holding an Australian Financial Services Licence (AFSL). They did so through the following websites, www.titantrade.com and https://tradettn.com.

“Justice Davies noted OTML’s contravening conduct to be ‘systemic and deliberate, targeting and exploiting vulnerable people, causing them substantial long-term financial detriment through the loss of savings and superannuation used for binary options trading’, which losses were contributed to by both Mr Senese and Mr Ida,” ASIC said in its statement today.

Got a news tip? Let Us Know