ASIC bans ex-AGM Markets CEO Yossi Ashkenazi from providing financial services

Maria Nikolova

This follows ASIC’s cancellation of AFS licence of AGM Markets earlier in November.

The Australian Securities and Investments Commission (ASIC) has earlier today announced that it has banned Yossef Ashkenazi, also known as Yossi Ashkenazi, from providing financial services for a period of eight years.

Until April 3, 2018, Ashkenazi was the only Australian resident director, and was the Chief Executive Officer of AGM Markets.

Let’s recall that, earlier this month, ASIC cancelled the Australian Financial Services (AFS) licence of retail OTC derivative issuer AGM Markets. Back then, ASIC found AGM:

  • provided financial product advice about securities and superannuation interests when it did not hold a licence to do so;
  • engaged in conduct by making representations to clients that were misleading or deceptive or was likely to mislead or deceive;
  • did not have available adequate human resources to carry out supervisory arrangements and demonstrated a poor attitude and commitment to its, and its representatives, compliance with financial services laws;
  • engaged in conduct that was unconscionable;
  • did not have in place adequate arrangements for the management of conflicts of interests;
  • did not do all things necessary to ensure that the financial services covered by the licence were provided efficiently and fairly;
  • does not understand the scope of s911A; and
  • has not acknowledged critical non-compliance.

In deciding to impose a ban on Ashkenazi for eight years, ASIC took into account that he:

  • as a responsible manager, had a key role regarding AGM’s financial services business and had been involved in the contravention of a financial services law, namely AGM’s contravention of engaging in unconscionable conduct in connection with financial services;
  • is likely to contravene a financial services law; and
  • is not adequately trained, or is not competent, to provide a financial service or financial services.

Ashkenazi has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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