Former Managing Director of Global Merces Funds charged on multiple counts

Karthik Subramanian

The Australian Securities and Investment Commission (ASIC) reported that Ms. Holly Marie Grofski, former managing director of Global Merces Funds, appeared in Brisbane Magistrates Court on criminal charges.

The Australian Securities and Investment Commission (ASIC) reported that Ms. Holly Marie Grofski, former managing director of Global Merces Funds, appeared in Brisbane Magistrates Court on criminal charges.

The disgraced company had had its ASIC license suspended at the beginning of last year and within a month, the company was wound up by a court order. In the middle of last year, the company had got its license canceled by ASIC.

Ms. Grofski was the managing director before it was wound up and she has been charged with one count of dishonesty or recklessly failing to discharge her duties, one count of providing false information to the company auditors, and one count of falsification of books that were submitted to the auditors.

ASIC has not revealed the details of the charges but this generally flows from the tough action that the regulatory authority has been taking to clean up the financial sector in Australia. This case pertains to the actions done in 2019.

Over the last few years, the ASIC has been coming down hard on various entities in a bid to ensure that financial companies do not take it for granted and engage in criminal activities and also in a bid to protect the consumer.

It has been regularly issuing calls to the consumers to be more aware of financial crimes and scams and protect themselves wherever possible. It has also been asking the consumer to approach the ASIC whenever they come across suspicious entities.

Australia had been a very open playground for financial entities till around 6-7 years ago but as the number of financial crimes began to increase, they have also started to tighten up their ship and have launched a series of investigations and actions against erring entities. They have also made sure that these are properly advertised so that there is maximum impact and consumers also become aware of such actions.

On the other hand, critics continue to believe that such strong regulations and actions from authorities would only discourage business and innovation. There does not seem to be anything as too much regulation and as the regulatory authorities continue to keep tightening the screws, financial firms begin to suffocate and this suffocates the much-needed innovation in the industry as well.

And then there is the usual case of companies, that want to do money laundering and other financial crimes, finding safe havens in other parts of the world which ultimately defeats the whole purpose of strict regulations.

Read this next

Institutional FX

Tradeweb’s trading volume hits $23.2 trillion in November

Tradeweb Markets, the operator of electronic marketplaces for rates, credit, equities and money markets, has just reported its aggregated trading volumes for November 2022.

Executive Moves hires Vikas Lakhwani to join MENA business

Multi-licensed broker has appointed Vikas Lakhwani as its general manager for the Gulf Cooperation Council (GCC) region.

Retail FX

Swissquote secures CySEC licence as crypto business grows

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Institutional FX

Moscow Exchange still enjoys solid market making volumes

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Inside View

The Year-End FX Turn: To Everything There is a Season

By Paul Houston, Global Head of FX Products, CME Group

Crypto Insider

A Wrapup of zkSync x Bitrue’s “Ask Me Anything” Session

In another edition of Bitrue’s AMA on Twitter Space, Bitrue invited a special guest from the company behind the creation of zkSync, Matter Labs. Marco Cora, Head of Business Development from Matter Labs, joined the session to give listeners a rundown on what’s up with zkSync.


New Features, Upgrades, and Improvements: B2Broker Launches Big Update of Its Flagship CRM System B2Core

In a massive update for its flagship product, B2Core, B2Broker, one of the leading providers of liquidity and technology solutions for brokers and exchanges, has released new features. Enhancements in the update include the following to provide clients with more features, flexibility, and security:

Industry News

Will SEC v Ripple end come too late for crypto industry in the United States?

SEC v. Ripple Labs has entertained the digital asset industry ever since being filed in 22 December 2020. Nearly two years in, both parties have addressed the court to pursue a summary judgment in order to avoid going to trial.

Inside View

Outsourcing: The Key to Improving Your ROI

Gen Z, the second generation of digital natives, has already set out on its path to wealth creation, participating in the financial markets and inspiring Generation Alpha to follow suit. The current and upcoming generations of investors are increasingly looking for cutting-edge technology to aid their decision-making process. As investor demographics change and the markets become increasingly global, brokers need to evolve their ecosystem to stay a step ahead. This is the only way to survive the rapidly changing markets.