ASIC Sentences Former CEO of van Eyk Research to 15 Months Imprisonment

The Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) has informed that Mark Peter Thomas, the former CEO of van Eyk Research, was sentenced to 15 months imprisonment. He used his position to obtain a financial advantage for himself.

In 2014, for a period of almost a month, Thomas used his role as the CEO of van Eyk Research subsidiary Blueprint Investment Management Limited. The convict independently recommended and facilitated the company to invest about $5 million in the Wholesale Enhanced Income Fund.

Later, the funds were loaned to TAA Melbourne Pty Ltd and used to acquire shares in van Eyk Research where Thomas also held an executive position. The court found that the convict misused his executive role with this action, preventing a third party from taking control over Blueprint. According to the court, he acted only in his own interest to ensure that he retained his seat as the Chief Investment Officer at van Eyk Research and as a general director at Blueprint.

According to the ASIC's press release, imprisonment will be served through an Intensive Correction Order (ICO). It is a custodial sentence of up to two years that is done in the community under intensive supervision. Additionally, Thomas was ordered to complete 250 hours of community service. After serving his sentence, Thomas will be banned from managing a company for five years.

ASIC reports that the court took mitigating circumstances into account, as the maximum penalty for Thomas's misconduct is $340,000, five years in prison, or both.

Another Week, Another Case

Thomas's case is yet another that the Australian market watchdog has reported in recent months. A week ago, the creator of the $180 million FX Ponzi scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term pleaded guilty at the Australian court. Tony Iervasi, a former Courtenay House Director, faces up to 10 years imprisonment and a fine of $810,000.

Two weeks earlier, ASIC banned Mark Bringans, a former employee of Trade360 who acted as a responsible manager, for eight years. The regulator found that his duties were not appropriately met.