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Forex CT to pay $20m penalty
Forex CT to pay $20m penalty Share
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Deal: Forex CT has been ordered by the Federal Court to pay a $20 million penalty and have its sole director disqualified for eight years and fined $400,000 for contraventions of the
Corporations Act and
Area: Corporate.
Key players: Norton Rose Fulbright regulatory disputes partner Andrew Riordan led the team with support from senior associate Caitlin Brown, associates Emily Almond, Tess Waldron and Ashvin Segaran, and lawyers Sophie Mether and Nick Bernardo.
Deal significance: As per a statement provided by Norton Rose Fulbright, Forex CT carried on a financial services business of providing advice to retail clients in relation to over-the-counter (OTC) derivative products. ....
Someone Tried To Record The Apple Vs Epic Case In Australia Share This week there was a Federal Court hearing regarding the Epic Games vs Apple case in Australia. And it seems like someone tried to record it. Justice Middleton issued a Court Order on June 9 warning anyone attending or tuning into the case was not to record Court proceedings. “Unless the Court otherwise orders, no person, being a member of the public, who is observing the hearing of the proceeding by accessing any audio or video link may make any audio or video recording or photograph of the hearing or any part of it.” ....
The Australian Securities and Investments Commission cancelled its Australian financial services licence (AFSL) after an investigation. ASIC found Yoshai was involved in Forex CT’s trading floor culture, an environment that had been likened by former account managers to ‘The Wolf of Wall Street’, where a bell or a gong was rung when clients deposited funds of certain amounts into their trading accounts and account managers could participate in incentive ‘games’ such as ‘wheel of fortune’, roulette tables and dice games to win cash if certain client deposit targets were met. The Court found Forex CT engaged in a system of unconscionable conduct by: ....
Forex Capital Trading and its director, Shlomo Yoshai, used high-pressure sales tactics to take advantage of vulnerable and inexperienced people, the Federal Court found. ....
The Federal Court has ordered Forex Capital Trading Pty Ltd (Forex CT) pay a $20 million penalty for “engaging in systemic unconscionable conduct, paying conflicted remuneration to its team leaders and account managers and failing to act in the best interests of its clients”. ....