The Australian Securities and Investments Commission (ASIC) announced this Wednesday that it has banned David Moore, a former broker of BGC Securities (Australia) Pty Limited from providing financial services for 10 years.
From around June 2016 until February 2020, Moore of Pullenvale Queensland was an executive manager as BGC, which was trading as BGC Fixed Income Solutions. During its investigation into Moore, ASIC found that he breached a contractual agreement between BGC and a referring broker.
According to the regulator’s statement today, he did this by charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker.
Additionally, Moore was found to be trading at prices other than the agreed independent valuation on transactions entered on behalf of a number of accounts, ASIC said.
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“ASIC also found that Mr Moore engaged in conduct in relation to his transactions in corporate bonds on behalf of his clients’ accounts that were misleading or deceptive, or likely to mislead or deceive, and that he attempted to take steps to conceal this conduct,” the Aussie watchdog outlined in the statement.
Furthermore, ASIC highlighted that Moore caused BGC’s record to be altered improperly which led to investment statements containing false information which deceived clients and the referring broker into believing he had followed the contractual agreement.
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In light of ASIC’s ban, Moore can apply to the Administrative Appeals Tribunal for a review of ASIC’s decision. The Aussie authority explained that banning is part of its ongoing efforts to improve standards across the financial services industry.
In fact, ASIC has been particularly vigilant in recent months in exposing financial misconduct. As Finance Magnates reported, the agency cancelled the Australian Financial Services (AFS) licence of Union Standard International Group Pty Ltd, which operates under the brand USGFX.
The cancellation of USGFX’s AFS licence follows on from the foreign exchange (forex) broker being ordered to enter into liquidation by the Federal Court of Australia earlier this month.