ASIC has banned a former fixed income broker from providing financial services for ten years.
Former BGC Securities (Australia) broker David Moore has been banned from providing financial services for ten years. Mr Moore was an executive manager at BCG, which traded as BGC Fixed Income Solutions, from January 2016 to February 2020.
ASIC found that Mr 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 BCG by the referring broker and trading at prices other than the agreed independent valuation on transactions entered on behalf of a number of accounts.
“ASIC also found that Mr Moore 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,” ASIC said.
“Further, Mr Moore caused BGC’s records to be altered improperly, causing investment statements to contain false information that deceived clients and the referring broker as to whether Mr Moore had adhered to the contractual agreement.”
Mr Moore has to the right to apply to the Administrative Appeals Tribunal for a review of the decision.
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