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Forex broker’s assets frozen by Federal Court

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ASIC has obtained orders from the Federal Court against a Melbourne-based forex brokerage and its director, freezing their bank accounts and preventing them from selling or otherwise dealing with their property without ASIC’s consent.

ASIC is concerned that Berndale Capital Securities Pty Ltd, its associated entities and its former director Mr Stavro D’Amore may have breached client money obligations and contravened other laws. 

Berndale was a retail OTC derivative issuer and its Australian Financial Services licence was cancelled on 22 November 2018. At the same time, Mr D’Amore was banned from providing financial services for a period of six years.

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Berndale and ASIC appeared before the Honourable Justice David John O’Callaghan in the Federal Court in Melbourne on 19 December 2018, following ASIC’s initial application and interim orders made on 5 December 2018. 

ASIC’s investigation is continuing.

The matter is next before the Federal Court on a date to be fixed in February 2019.

 

Forex broker’s assets frozen by Federal Court
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James Mitchell

James Mitchell

James Mitchell is the editor of the Wealth and Wellness suite of platforms at Momentum Media including Investor Daily, ifa, Fintech Business, Adviser Innovation and Wellness Daily.

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