ASIC has banned a former Gold Coast-based foreign exchange trader, Mr Andrew Mark Perkin, as part of an enforceable undertaking with him.
The undertaking bans Mr Perkin from providing financial products or financial services for a period of four years.
Mr Perkin has undertaken not to act as a representative of an Australian financial services (AFS) licence, hold himself out to be a representative of an AFS licence, carry on business in relation to financial products or services, hold out that he is authorised to provide financial products and services, or apply for an AFS licence.
The EU follows an investigation into foreign exchange trading undertaken by Mr Perkin under the name Crusader Trading Limited (Crusader). Investors with Crusader invested in a pooled fund that was used to trade in the foreign exchange market. Mr Perkin operated this scheme from the Gold Coast.
ASIC found that Mr Perkin failed to obtain an Australian financial services licence, did not communicate sufficiently with investors and purported to operate a foreign registered company, Crusader Trading Limited, when he had not had the company officially registered.
Background
Crusader Trading Limited was purported by Mr Perkin to be registered in the British Virgin Islands in 2008. Mr Perkin never ensured that Crusader was properly incorporated according to the relevant British Virgin Islands' laws.
Between September 2008 and December 2010, Mr Perkin raised funds from retail investors on the basis that the funds would be traded in the foreign exchange market. Mr Perkin represented to those investors that they could expect returns in excess of 10% per month.
Mr Perkin failed to deliver a return to his investors and lost their capital investment in the foreign exchange market. ASIC commenced its investigation as a result of a complaint from an investor.
The EU to which Mr Perkin has agreed concludes ASIC's investigation regarding Mr Perkin and Crusader.
For further information:
ASIC Media Unit
Telephone: 1300 208 215
Email:
media.unit@asic.gov.au