Australian watch dog ASIC has announced earlier today that it has banned former BGC Securities (Australia) Pty Limited (BGC) broker David Moore from providing financial services for ten years.
Moore was an executive manager at BGC, trading as BGC Fixed Income Solutions (formerly MINT Partners Australia), from 2016 to February 2020.
According to the regulator, Moore 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.
Moore also 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.
He also caused BGC’s records to be altered improperly, which led to investment statements to contain false information that deceived clients and the referring broker as to whether Moore had adhered to the contractual agreement.
Reprinted from leaprate, the copyright all reserved by the original author.
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