The Australian Securities and Investments Commission (ASIC) has taken steps against a former director of an already bankrupt broker. Mr. Andrew Jeffers, an accountant from Sydney, has been banned from providing any financial services until May 2018.

Mr. Jeffers was banned after ASIC found that GTL Trade Up Pty Ltd, a company of which Mr Jeffers was a director, issued three product disclosure statements between March 2012 and March 2013, including statements which were materially false or misleading.

GTL was issued with an Australian financial services licence in January 2011 to carry on a financial services business to deal in and advise on a range of financial products, including derivatives and FX. The main  Liquidity   provider of GTL was Dubai-based GTL Trading DMCC.

Liquidators were appointed to GTL in September 2013 after DMCC failed to make funds available to GTL to meet client withdrawals. At the time, GTL was owed about $4.35 million by DMCC. GTL owed about $4.4 million to its retail clients.

While Mr. Jeffers was a director, GTL issued the three product disclosure statements which included statements that ASIC found to be false or materially misleading in that they did not represent the true trading position undertaken by GTL.

These Statements Were:

Mr. Jeffers has made an application appealing to the Administrative Appeals Tribunal for a review of ASIC's decision.

The Australian Securities and Investments Commission (ASIC) has taken steps against a former director of an already bankrupt broker. Mr. Andrew Jeffers, an accountant from Sydney, has been banned from providing any financial services until May 2018.

Mr. Jeffers was banned after ASIC found that GTL Trade Up Pty Ltd, a company of which Mr Jeffers was a director, issued three product disclosure statements between March 2012 and March 2013, including statements which were materially false or misleading.

GTL was issued with an Australian financial services licence in January 2011 to carry on a financial services business to deal in and advise on a range of financial products, including derivatives and FX. The main  Liquidity   provider of GTL was Dubai-based GTL Trading DMCC.

Liquidators were appointed to GTL in September 2013 after DMCC failed to make funds available to GTL to meet client withdrawals. At the time, GTL was owed about $4.35 million by DMCC. GTL owed about $4.4 million to its retail clients.

While Mr. Jeffers was a director, GTL issued the three product disclosure statements which included statements that ASIC found to be false or materially misleading in that they did not represent the true trading position undertaken by GTL.

These Statements Were:

Mr. Jeffers has made an application appealing to the Administrative Appeals Tribunal for a review of ASIC's decision.