DanFX’s Daniel Farook Ali sentenced to 7 years after extradition

Rick Steves

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024.

The Brisbane District Court in Australia has sentenced Daniel Farook Ali, former director of DanFX Trade Pty Ltd to seven years and three months imprisonment for fraud.

The order follows the arrest and extradition of Daniel Farook Ali back to Australia after years on the run. He left the country on 8 May 2018 during an ongoing ASIC investigation into his conduct, leading to civil proceedings commenced by ASIC against him. Daniel Ali was found in Poland and extradited in July 2022.

Once back in Australia, ASIC charged him with eight counts of fraud totaling $977,000 at the Brisbane Magistrates Court.

Daniel Farook Ali scammed 200 investors out of AU$13 million

The ASIC first sued Daniel Farook Ali after a $13 million FX scam between May 2016 and November 2017 in which he dishonestly used funds provided to him by investors for trading and investment purposes for unauthorized purposes, including buying real estate and luxury cars for his family members and related companies, and to pay returns to other investors. In some cases, the funds provided to the alleged fraudster by investors had come from investors’ self-managed superannuation accounts, the regulator added.

ASIC commenced proceedings in 2017 alleging that Daniel Ali, through DanFX, operated an unregistered managed investment scheme known as the Daniel Ali Scheme, which raised approximately $13 million from more than 200 investors.

On 23 July 2018, the Court found that:

  • Mr Ali, DanFX and two related companies operated the Daniel Ali Scheme, which was a managed investment scheme that was required to be registered under the Corporations Act but was not so registered;
  • Mr Ali contravened the Corporations Act by operating the Daniel Ali Scheme without holding an Australian financial services licence; and
  • Mr Ali contravened the Corporations Act by managing DanFX and two related companies, despite being disqualified from managing corporations due to a prior conviction for fraud.
In 2018, Daniel Ali was sentenced to two and half years’ imprisonment, to be suspended after the first six months in prison. However, because of his escape to Europe, the process was reviewed. 

Eligibility for parole from 5 July 2024

On 23 May 2024, Mr Ali pleaded guilty to five counts of fraud totaling $771,303 relating to his misappropriation of funds invested for trading and investment purposes.

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024. The Court took into account the time Mr Ali has already spent in custody since November 2021 when imposing the sentence.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Read this next


BlockDAG Transforms Crypto Mining with X1 Beta App Launch, Raises $49.2M in Presale; SEI & BONK Developments

Uncover BlockDAG’s X1 app beta launch, reshaping mobile mining and propelling its presale to $49.2M, eclipsing BONK and SEI.

Digital Assets

Joe Biden’s campaign explores crypto donations via Coinbase

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.


VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players

The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.

Digital Assets

Terraform and Do Kwon fined $4.5 billion to settle with SEC

Terraform Labs and its co-founder Do Kwon have reached a final settlement with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Wednesday.

Retail FX

Dukascopy broadens CFD offering with Italian stocks

Switzerland’s forex bank and broker, Dukascopy has just expanded its offering to include Italian stocks and the Italy 40 Index. The new additions allow clients to access a broader range of investment opportunities in the Italian market.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Monetary Policy, US Inflation,Eurozone June 12 ,2024

The Fed meets today to decide on interest rates. A dovish shift (keeping rates steady or hinting at cuts) is expected, weakening the US dollar and potentially boosting gold prices.


BlockDAG Leads CoinSniper Ranking as Presale Surges to $49.2M While Cardano Shows Resilience & ApeCoin Surges

Explore BlockDAG’s #1 ranking on CoinSniper listing as presale booms to $49.2M. More on ADA’s resilience & ApeCoin’s surge.

Market News, Tech and Fundamental, Technical Analysis

Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.