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Director of derivatives issuer cops double ban By Reporter 01 June 2021
ASIC has banned the former director of an over the counter derivatives issuer from financial services and from managing corporations as a result of his serious lack of regard for compliance.
In a statement, the regulator said it had banned John Martin, a director and former responsible manager of liquidated firm Union Standard International Group, from providing financial services for 10 years and from managing corporations for five years. ASIC found Mr Martin’s lack of understanding or regard for compliance was so serious it justified the making of significant banning and disqualification orders, the regulator said.
SMH
January 25, 2021 6:19 am
The Australian finance broker that sponsors English Premier League team Sheffield United allegedly scammed up to $588 million from Chinese investors.
They thought they were putting their money in a high yield product that may never have existed.
The massive pile of money was instead allegedly partially used by the broker, Union Standard International Group (USG), to bankroll its sale of high risk financial betting products to customers around the world including Australia.
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Those financial betting products, contracts for difference, were allegedly illegally sold to customers in China, Taiwan and other countries where the products are banned or restricted.
Union Standard was alleged to have failed to comply with its obligation to do all things necessary to ensure financial services covered by its licence were provided efficiently, honestly and fairly. It was also liable for the conduct of the two authorised representatives and made false or misleading representations to potential clients.
ASIC alleged the two authorised representative firms:
Provided personal advice to clients when not licensed to do so;
Made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect to generate; and
Engaged in unconscionable conduct, including by: