Australian regulator bans BGC Securities fixed income broker for 10 years

Maria Nikolova

ASIC found that David Moore was charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by a referring broker.

The Australian Securities & Investments Commission (ASIC) today announces that it has banned former BGC Securities (Australia) Pty Limited (BGC) broker David Moore from providing financial services for ten years.

Mr Moore was an executive manager at BGC, trading as BGC Fixed Income Solutions (formerly MINT Partners Australia), from approximately June 2016 to February 2020.

The regulator found that Mr Moore breached a contractual agreement between BGC and a referring broker by:

  • charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and
  • trading at prices other than the agreed independent valuation on transactions entered on behalf of a number of accounts.

ASIC also found that Mr Moore engaged in conduct in relation to his transactions in corporate bonds on behalf of his clients’ accounts that was misleading or deceptive, or likely to mislead or deceive, and that he attempted to take steps to conceal this conduct. Further, Mr Moore caused BGC’s records to be altered improperly, causing investment statements to contain false information that deceived clients and the referring broker as to whether Mr Moore had adhered to the contractual agreement.

Mr Moore’s banning is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

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

Read this next

Digital Assets

SEC apparently approved Ether ETF as VanEck’s listed by DTCC

Amid increasing speculation about the possible approval of a spot Ether (ETH) exchange-traded fund (ETF) in the United States, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

<