ASIC Bans Two FX and Commodities Fund Managers for six Years

The Australian Securities and Investments Commission (ASIC) introduced this Monday that it has banned the earlier joint Chief Executive Officers (CEOs) of Australian Mutual Holdings Limited, Jeffrey Worboys and Matthew Barnett, from offering monetary companies for six years.

Interestingly, the previous CEOs of Australian Mutual are additionally linked with Halifax Investment Services Pty Ltd. According to LinkedIn, Jeffrey Worboys is the present CEO of Halifax Group, and Matthew Barnett is a director.

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For these not conscious, Halifax was an Australian funding administration firm headquartered in Sydney. It additionally has a partially-owned subsidiary in New Zealand. As Finance Magnates reported in November, the agency has gone into administration.

Australian Mutual Holdings Limited is an Australian monetary companies (AFS) license holder. The firm operates managed funding schemes, in accordance with the regulator. Until February of 2018, Worboys and Barnett had been the co-CEOs of the agency. After this, Worboys remained as the only CEO of the corporate.

One of the funding schemes Australian Mutual managed was Courtenay House Capital Investment Fund, a international change (foreign exchange) and commodities fund. The Australian regulator performed a separate investigation relating to Courtenay House, which is now being liquidated.

In May of final 12 months, the Supreme Court of NSW made orders to wind up Courtenay House Capital Trading Group Pty Ltd and Courtenay House Pty Ltd (Courtenay House corporations), as Finance Magnates reported. The court docket additionally appointed Said Jahani and John McInerney, of Grant Thornton, as joint liquidators to each corporations.

Worboys and Barnett Lacked Integrity, ASIC Finds

In ASIC’s present investigation, it discovered that: “when establishing the Courtenay House Capital Investment Fund, Mr Worboys and Mr Barnett didn’t train the diploma of care and diligence required and didn’t act in one of the best curiosity of the members of the fund.”

“This included a failure to make sure that the individuals chargeable for buying and selling funds had the requisite {qualifications} and expertise to handle a international change and derivatives fund.”

Overall, the watchdog states that Worboys and Barnett didn’t keep the requirements anticipated of a monetary companies adviser, demonstrated lack of integrity and judgment, weren’t dependable and had been more likely to contravene monetary companies legislation.

Although the Aussie regulator has put the bans in place, Worboys and Barnett can attraction the choice to the Administrative Appeals Tribunal for a overview.

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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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