BGC broker banned by ASIC for 10 years
The Australian Securities and Investment Commission (ASIC) has banned former BGC Securities broker David Moore from providing financial services for 10 years.
The Pullenvale, Queensland broker was an executive manager at BGC, trading as BGC Fixed Income Solutions (formerly MINT Partners Australia), from approximately June 2016 to February 2020.
ASIC found that Moore had 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 found 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.
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 Moore had adhered to the contractual agreement.
Moore’s banning was recorded on ASIC’s banned and disqualified register and had the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Chris Dastoor
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
