Unlicensed trader pleads guilty to fraud

By Neil Griffiths
 — 1 minute read

An unlicensed trader has pleaded guilty to three counts of fraud following an ASIC investigation.

Dr Roger Munro entered the plea in the District Court of Queensland this week after he was found to have received funds from investors for a trading fund referred to as the TradeStation Futures Trading Fund (TradeStation).

“Dr Munro did not invest these funds into TradeStation as promised. Instead, Dr Munro dishonestly applied those funds to his own use or the use of another,” ASIC said in a statement on Tuesday.


“Investors were not aware that their money was being used by Dr Munro this way, and Dr Munro continued to make representations to investors that their money was being invested in TradeStation by falsely reporting on the profits and losses being made.”

The charge carries a maximum penalty of a 12-year prison sentence.

The investigation first launched in 2015, and the following year the Supreme Court of Queensland permanently restrained Dr Munro from carrying on a financial services business in Australia without holding an Australian financial services licence.

In 2017, he was arrested and charged with five counts of fraud.

Dr Munro was released on bail and is required to report to police daily. He will be sentenced on 30 July.

Join the debate to improve the issues that surround affordability and accessibility within the advice industry at ifa’s brand-new event, ifa Future Forum.

Join your peers to uncover game-changing industry solutions to pave the way for solving the problem of accessibility and affordability. Utilise your extensive knowledge to formulate ideas and help futureproof advice. Register your free place now! ifafutureforum.com.au


Unlicensed trader pleads guilty to fraud
Unlicensed trader pleads guilty to fraud
ID logo


related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.