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Abstract：The Australian Securities and Investments Commission (ASIC) has barred Mark Bringans from trading for the next eight years. He used to be in charge of Sirius Financial Markets Pty Ltd, a company that traded in over-the-counter derivatives.
Mr. Bringans' suspension follows an ASIC investigation into Sirius Financial (trading as 'Trade360,' which found that Sirius Financial acted unethically and violated its Australian financial services license obligations by failing to address the conduct of Toyga Media Ltd, an off-shore call center it hired to source clients to trade in its high-risk contracts-for-difference and margin foreign exchange contracts.
According to ASIC's inquiry, Toyga used pressure selling methods and gave personal advice on behalf of Sirius Financial when it was not authorized to do so.
ASIC banned Mr. Bringans from providing financial services because it found that he is not trained or knowledgeable enough to do so, that he is not a good fit to do so, and that he did not do one of his most important jobs as a responsible manager, which was to make sure Sirius Financial followed financial services laws.
The regulator also said that Mr. Bringans was an uninterested, disengaged, and responsible manager who did nothing but go to monthly meetings of the compliance committee.
Mr. Bringans' disqualification is listed on ASIC's Banned and Disqualified Persons Register.
Mr. Bringans has requested that the Administrative Appeals Tribunal (AAT) review ASIC's judgment. The AAT denied his attempt to prevent the ban order from taking effect.
After ASIC looked into Sirius Financial, the company agreed to stop doing business in both retail and wholesale and to give up its license. It will no longer provide financial services on July 29, 2022.
Jonathan Schneider and Oskar Pecyna, who used to work for Sirius Financial, have been told by ASIC that they can't run or manage a financial services firm or be in charge of a company that offers financial services for the next eight years. Both Mr. Schneider and Mr. Pecyna have asked the Administrative Appeals Tribunal to review the decision made by ASIC.
The Federal Court has in the past fined OTC derivatives providers after ASIC took action against them. AGM Markets was fined $75 million, while Forex CT was fined $20 million, for several violations of the Corporations Act, including unconscionable behavior.
About WikiFX
WikiFX App is a search engine for forex trading. It is available as an online app and a mobile app.
Here's how to find Trade360 on the WikiFX Mobile App.
First: Launch the WikiFX App on your browser. To access the mobile app, type www.wikifx.com or download the app from the App Store or Google Play Store and install it on your phone.
Second: The search box in the WikiFX App should be visible in the top right corner of the screen. Enter the broker's name, such as Trade360, then press enter.
Third: Anticipate a flood of results, including cloned websites.
Fourth: Choose the correct broker based on their official website URL.
Fifth: After selecting the appropriate broker, you should see all of the information you want, including complaints from its traders and reviews. If it's accurate, you should be able to see their offices based on their locations, as well as their licenses or regulating agencies.
If you want assistance, please contact WikiFX Support using the information provided below.
Trade360 web address: https://www.wikifx.com/en/dealer/2591651973.html
Stay tuned for more Brokers news.
Download the WikiFX App from the App Store or Google Play Store to stay updated on the latest news.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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