‘Binary options trading boiler room’ operators sentenced
Following an investigation by the Australian Securities and Investments Commission (ASIC), the operators of “binary options trading boiler room”, Jana Jaros and Jackson Capper, have been convicted and sentenced for operating a financial services business without a licence.
They also lodged false documents to ASIC which contained misleading material.
According to ASIC, Jaros and Capper had set up the companies, Astra Group and Old Cambridge, to operate the ‘boiler room’ style business from the Gold Coast where companies employed staff to cold-call consumers and offer financial services consisting of membership packages to access software packages which would execute binary trading options.
Each defendant pleaded guilty in the Southport Magistrates’ Court and they both were sentenced but released on condition of good behaviour for three years, with Capper on a $5,000 bond and Jaros on a $2,000 bond.
ASIC’s deputy chair, Peter Kell, said: “It is important that businesses seeking to avoid the protections provided by the financial services licensing regime are identified and investigated”.
“Where these obligations are found to have been ignored, ASIC will take action against those businesses and their operators.”
AUTHOR
Malavika Santhebennur
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