Monarch FX and Quinten Hunter Banned From FX Crucible as ASIC Calls Foul and a Miss
by
George Tchetvertakov
'Wizard of Oz' Quinten Hunter temporarily banned by ASIC as the regulator starts court proceedings against Monarch FX for offering inappropriate advisory services and operating without a suitable license.
The Australian Securities and Investments Commission (ASIC) has started court proceedings at the Federal Court of Australia against Monarch FX (Monarch FX Group Pty Ltd). The broker’s former director and current general manager Quinten Hunter (formerly Quinten Hann) is at the epicenter of the case, with ASIC temporarily banning Monarch FX and Mr. Hunter from offering financial services in Australia until November when the hearing resumes.
Mr. Hunter was formerly a professional snooker player, appearing at international ranking tournaments in an 11-year career that earned him an estimated $800,000 in prize money. Nicknamed the 'The Wizard of Oz' by the snooker community, Mr. Hann's career came to a distasteful curtain call in 2006 when he was banned for 8 years by reason of match-fixing.
Interim Ban
The Federal Court issued an interim banning order on October 10, preventing Monarch FX from operating as a financial services business until November 21, 2014. In a publicly issued notice, ASIC cites concern that Monarch FX is not licensed or authorized to operate Managed Discretionary Account (MDA) services, thereby executing trades on behalf of clients whilst often recommending that clients establish self-managed superannuation funds in order to use their retirement savings to speculate on the FX market.
The Commission stated: “ASIC is concerned about the number of companies operating similar business models to Monarch FX, which use trading software to automatically execute trades in foreign Exchange contracts on clients' accounts without instructions for each transaction”.
Mr. Hunter was unavailable for comment.
Fallout
The firm was operating and offering its services as a corporate authorized representative of FXTG, but that authorization was revoked once the announcement was made.
In a brief interview, FXTG CEO Stavro D’Amore told Forex Magnates that “... following today's ASIC’s announcement, FXTG has no choice but to revoke Monarch’s authorization to operate under its AFS license”. Adding, “ASIC’s announcement is largely related to Monarch’s prior relationships with regulated AFSL holders. We made Monarch an authorized rep in April this year, whereas their previous dealings with Avestra Capital and Audm Capital stretch back several years. We have assisted ASIC in all elements of their enquiries and will continue to do so”.
The Australian Securities and Investments Commission (ASIC) has started court proceedings at the Federal Court of Australia against Monarch FX (Monarch FX Group Pty Ltd). The broker’s former director and current general manager Quinten Hunter (formerly Quinten Hann) is at the epicenter of the case, with ASIC temporarily banning Monarch FX and Mr. Hunter from offering financial services in Australia until November when the hearing resumes.
Mr. Hunter was formerly a professional snooker player, appearing at international ranking tournaments in an 11-year career that earned him an estimated $800,000 in prize money. Nicknamed the 'The Wizard of Oz' by the snooker community, Mr. Hann's career came to a distasteful curtain call in 2006 when he was banned for 8 years by reason of match-fixing.
Interim Ban
The Federal Court issued an interim banning order on October 10, preventing Monarch FX from operating as a financial services business until November 21, 2014. In a publicly issued notice, ASIC cites concern that Monarch FX is not licensed or authorized to operate Managed Discretionary Account (MDA) services, thereby executing trades on behalf of clients whilst often recommending that clients establish self-managed superannuation funds in order to use their retirement savings to speculate on the FX market.
The Commission stated: “ASIC is concerned about the number of companies operating similar business models to Monarch FX, which use trading software to automatically execute trades in foreign Exchange contracts on clients' accounts without instructions for each transaction”.
Mr. Hunter was unavailable for comment.
Fallout
The firm was operating and offering its services as a corporate authorized representative of FXTG, but that authorization was revoked once the announcement was made.
In a brief interview, FXTG CEO Stavro D’Amore told Forex Magnates that “... following today's ASIC’s announcement, FXTG has no choice but to revoke Monarch’s authorization to operate under its AFS license”. Adding, “ASIC’s announcement is largely related to Monarch’s prior relationships with regulated AFSL holders. We made Monarch an authorized rep in April this year, whereas their previous dealings with Avestra Capital and Audm Capital stretch back several years. We have assisted ASIC in all elements of their enquiries and will continue to do so”.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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