ASIC bans former director of AGM Markets from providing financial services for 8 years

Reason:
Non Compliant
Content of Penalty:

ASIC has banned Yossef Ashkenazi, also known as Yossi Ashkenazi, of Caulfield South, Victoria, from providing financial services for a period of eight years.

On 5 November 2018, ASIC cancelled the Australian Financial Services (AFS) licence of the retail OTC derivative issuer, AGM Markets Pty Ltd (AGM). ASIC found AGM’s financial services business involved core elements of unconscionability and unmanaged conflicts of interest and followed a business model that disregarded key conduct requirements. (18-340MR).

Until 3 April 2018, Mr Ashkenazi was the only Australian resident director, and was the Chief Executive Officer of AGM.

In making the order to ban Mr Ashkenazi for eight years, ASIC found that Mr Ashkenazi:

  • as a responsible manager, had a key role regarding AGM’s financial services business and had been involved in the contravention of a financial services law, namely AGM’s contravention of engaging in unconscionable conduct in connection with financial services;
  • is likely to contravene a financial services law; and
  • is not adequately trained, or is not competent, to provide a financial service or financial services.

Mr Ashkenazi has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Date: 19/11/2018
Amount: 120,000
Link: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-347mr-asic-bans-former-director-of-agm-markets-from-providing-financial-services-for-8-years/

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