ASIC Bans AGM Markets’ Former CEO After Cancelling License

November 19, 2018 AtoZ Markets –The Australian Securities and Investment Commission (ASIC) has banned Yossef Ashkenazi, of Caulfield South, Victoria, from providing financial services over the next eight years.

The decision, as the regulator has announced today, comes in the light of ASIC’s former decision on Nov. 5th, where the latter cancelled the Australian Financial Services licence of AGM Markets Pty Ltd (AGM) as a retail OTC derivative issuer.

In its eight-years ban decision, ASIC said that Ashkenazi, who is also known as Yossi Ashkenazi was responsible as a manger of the company until 3 April 2018, about the unconscionability and unmanaged conflicts of interest AGM was said to have involved in its financial services business, which was said to have disregarded the requirements of key conduct.

Ashkenazi was charged of having a key role, as a Chief Executive Officer of AGM until 3 April 2018, in contravening the financial services laws in the country.

“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.”, said ASIC on its website.

The regulator noted that Ashkenazi can file an appeal against the decision to the Administrative Appeals Tribunal for reviewing ASIC’s decision.

…And four and half years in prison for TZ Limited’s former director for dishonest conduct

In a connected news, ASIC has announced today as well, that John Falconer, the former TZ Limited director, was sentenced on Friday to four and a half years’ imprisonment.

The verdict of the Supreme Court of New South Wales, comes after finding Falconer guilty of five charges for dishonest conduct, and one for giving “false or misleading information” to the ASX.

“The five offences of dishonest conduct as a director of TZ Limited related to the authorising of illegitimate payments from the company’s accounts between December 2006 and September 2008, totalling approximately $6.25 million. The one offence of giving false or misleading information as an officer of TZ Limited related to financial reports lodged with the ASX which failed to disclose the true nature of certain payments within the reports (17-299MR).”, said the regulator in its announcement.

judge Justice Adamson referred in her sentencing remarks to that Falconer abused the trust he was given in his position as a director of TZ Ltd.

“As a director of TZ Ltd, the offender was placed in a position of considerable trust, which he abused over an extended period. He acted in gross dereliction of his duty. The offences involved both dishonesty and greed.”, said judge Adamson.

The ruling comes in follow up of the sentencing of Andrew Sigalla, TZ Limited director, to ten years in prison, which the court made in on 10 February 2017, based on 24 counts of dishonest conduct. 

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