Mark McCabe provided investors with fake “test” trading accounts where no actual trading took place.
He misappropriated $940,350 of their funds for personal expenses between 2015 and 2021.
Former
financial services director Mark Francis McCabe has been sentenced to four
years and three months in prison for orchestrating a sophisticated forex
trading scam that defrauded investors of nearly $1 million.
Former Financial Director
Sentenced to Over 4 Years for $1M Forex Trading Fraud
The Downing
Centre District Court in Sydney imposed the sentence with a non-parole period
of two years and six months after McCabe pleaded guilty to three counts of
dishonestly obtaining financial advantage by deception. Four additional
offences were taken into account during sentencing.
Between
January 2015 and April 2021, McCabe, who served as the sole director of
now-deregistered companies Guevara Capital Access Pty Ltd (GCA) and Online
Trading Capital Pty Ltd (OTC), misled eight victims, seven of whom were clients
of his companies.
McCabe
falsely claimed to provide investors with legitimate FX trading accounts on a
third-party platform along with access to specific amounts of capital.
“Investors
used these ‘test’ accounts to conduct what they believed to be genuine trading;
however, no actual trading took place,” the Australian Securities and
Investments Commission (ASIC) said in a statement.
Instead of
using investor payments for their intended purpose, McCabe diverted $940,350 to
fund his personal and business expenses, including rental payments, private
school fees, and credit card purchases.
Judge
David, who presided over the case, described McCabe's scheme as “highly
deceptive” and “more than simply enticing people,” calling it a
“sophisticated scheme that created the illusion of genuine trading.”
The judge
noted that McCabe had gained “trust from his victims,” “relied
on his reputation,” and misled victims to “feel their money was
safe.” The court found he engaged in “a form of psychological
bullying” and manipulative behavior to cause victims to “take on
illusory deals.”
ASIC Deputy Chairwoman, Sarah Court
Severe Impact on Victims
In her
sentencing remarks, Judge David emphasized the “significant” and
“life-changing” impact on victims, which caused both
“emotional” and “financial devastation.”
“The
sentence imposed by the Court demonstrates the seriousness of Mr McCabe's
misconduct and sends a strong signal that will deter others from engaging in
similar misconduct,” ASIC Deputy Chair Sarah Court added.
The case
was prosecuted by the Commonwealth Director of Public Prosecutions following an
investigation and referral by the ASIC.
Under New
South Wales law, the maximum penalty for dishonestly obtaining a financial
advantage by deception is 10 years' imprisonment and/or a fine of $110,000.
Former
financial services director Mark Francis McCabe has been sentenced to four
years and three months in prison for orchestrating a sophisticated forex
trading scam that defrauded investors of nearly $1 million.
Former Financial Director
Sentenced to Over 4 Years for $1M Forex Trading Fraud
The Downing
Centre District Court in Sydney imposed the sentence with a non-parole period
of two years and six months after McCabe pleaded guilty to three counts of
dishonestly obtaining financial advantage by deception. Four additional
offences were taken into account during sentencing.
Between
January 2015 and April 2021, McCabe, who served as the sole director of
now-deregistered companies Guevara Capital Access Pty Ltd (GCA) and Online
Trading Capital Pty Ltd (OTC), misled eight victims, seven of whom were clients
of his companies.
McCabe
falsely claimed to provide investors with legitimate FX trading accounts on a
third-party platform along with access to specific amounts of capital.
“Investors
used these ‘test’ accounts to conduct what they believed to be genuine trading;
however, no actual trading took place,” the Australian Securities and
Investments Commission (ASIC) said in a statement.
Instead of
using investor payments for their intended purpose, McCabe diverted $940,350 to
fund his personal and business expenses, including rental payments, private
school fees, and credit card purchases.
Judge
David, who presided over the case, described McCabe's scheme as “highly
deceptive” and “more than simply enticing people,” calling it a
“sophisticated scheme that created the illusion of genuine trading.”
The judge
noted that McCabe had gained “trust from his victims,” “relied
on his reputation,” and misled victims to “feel their money was
safe.” The court found he engaged in “a form of psychological
bullying” and manipulative behavior to cause victims to “take on
illusory deals.”
ASIC Deputy Chairwoman, Sarah Court
Severe Impact on Victims
In her
sentencing remarks, Judge David emphasized the “significant” and
“life-changing” impact on victims, which caused both
“emotional” and “financial devastation.”
“The
sentence imposed by the Court demonstrates the seriousness of Mr McCabe's
misconduct and sends a strong signal that will deter others from engaging in
similar misconduct,” ASIC Deputy Chair Sarah Court added.
The case
was prosecuted by the Commonwealth Director of Public Prosecutions following an
investigation and referral by the ASIC.
Under New
South Wales law, the maximum penalty for dishonestly obtaining a financial
advantage by deception is 10 years' imprisonment and/or a fine of $110,000.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
