Former BGC Securities Broker Banned by ASIC for 10 Years

The Australian Securities and Investments Commission (ASIC) announced that it has banned former BGC Securities fixed income broker David Moore for ten years from providing Australian financial services (AFS) and engaging in credit activities.

30 September 2020 | AtoZ Markets – David Moore was an executive manager of fixed income at BGC Securities. He started his career at Westpac Financial Markets from 1995 to 2001. After that, he worked as a global treasurer at the Flight Center from 2001 to 2005. Then he worked at FIIG Securities from 2005 to 2015 as National Head of Sales before joining BGC Securities.

ASIC Bans Former BGC Securities Fixed Income Broker for Engaging in Misconduct

ASIC has banned David Moore from providing financial services and engaging in Australia's credit activities for ten years due to engaging in misconduct while operating as BGC Securities Broker. The regulator found that Mr. Moore engaged in the following misconduct activities while acting as a broker of BGC Securities (from around June 2016 to around February 2020):

  • Imposing unauthorized spreads on transactions to a number of customer accounts.
  • Trading at prices other than the agreed value on a number of customer transactions.
  • Engaging the own transactions of corporate bonds on behalf of the customer's account. He also tried to cover up such behavior by tampering with the records.
  • Deceiving customers by stating false information on investment statements.

The ASIC investigation found that Moore acted in his capacity as a broker for BGC, knowing if the information and documents were false or misleading, or recklessly gave the clients information and documents.

"Mr. Moore's banning is part of ASIC's ongoing efforts to improve standards across the financial services industry", said ASIC. "Mr. Moore's banning is recorded on ASIC's banned and disqualified register." However, David Moore can review the decision by applying to the Administrative Appeals Tribunal.

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Earlier this month, ASIC also banned Australia's top promoter of BitConnect, John Louis Anthony Bigatton, from providing financial services in Australia for seven years. The regulator said that Bigatton worked for BitConnect from August 2017 to January 2018. At that time, he provided unlicensed financial product advice and engaged in misleading and deceptive acts.

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