• About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$26,571.00-0.03%
  • ethereumEthereum$1,592.09-0.20%
  • xrpXRP$0.51-1.07%
  • bitcoin cashBitcoin Cash$208.40-0.18%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
    • Cryptovibes French
    • Cryptovibes German
    • Cryptovibes Croatian
    • Cryptovibes Czech
    • Cryptovibes Korean
    • Cryptovibes Danish
    • Cryptovibes Dutch
    • Cryptovibes Finnish
    • Cryptovibes Hungarian
    • Cryptovibes Italian
    • Cryptovibes Japanese
    • Cryptovibes Norwegian
    • Cryptovibes Polish
    • Cryptovibes Portuguese
    • Cryptovibes Romanian
    • Cryptovibes Slovak
    • Cryptovibes Spanish
    • Cryptovibes Swedish
    • Cryptovibes Turkish
  • News
    • PR
  • Analysis
  • Crypto
    • Crypto Presales
  • Autotrading
    • Immediate Connect
    • Quantum Flash
    • Bitsoft360
    • Bitcoin360 AI
    • Immediate Edge
    • Bitcoin Code
    • BitAlpha AI
    • Bitcoineer
    • Immediate Experience
    • Quantum AI
    • Bit GPT AI
    • Immediate Bitcoin
    • Vena System
    • Immediate Profit
    • Immediate GP
    • Bitcoin Fast Profit
    • Ethereum Code
    • Immediate Granimator
    • Quantum Prime Profit
    • BitVestment
    • BitIQ
    • BitProfit
    • Bitcoin Edge
    • Bit Index AI
    • Immediate Iplex
    • Yuan Pay Group
    • Metaverse Profit
    • Today Profit
    • Bitcoin Buyer
    • AI Trading Bots
    • Quantum Code
    • Bitcoin Billionaire
    • Bitcoin Circuit
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • BitAI Method
    • Bitcoin Bank Breaker
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Oracle AI
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • BitiCodes
    • Crypto Bank
    • Bitcoin Loophole
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Bitcoin Profit
    • BitQH
    • Bitcoin Trader
    • xBitcoin Club
    • Bitcoin Bank
    • Quantum Hancock
    • Chain Reaction
    • Bitcoin Union
    • Crypto Capital
    • BitQT
    • Quantum System
    • Libra Profit System
    • Bitcoin Sprint
    • Bitcode Method
    • Immediate Fortune
    • Bit Iplex Codes
    • Bitcoin Revolution
    • Bitcoin Method
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • Bitcoin Rush
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

ASIC Bans Steven Marsh For 3 Years After Cancelling Forex CT License

Sherlock Gomes by Sherlock Gomes
June 29, 2020
in FX Industry
Reading Time: 3min read
ASIC Bans Steven Marsh For 3 Years After Cancelling Forex CT License
Rate this post

Weeks after it canceled the AFS license of Forex CT, ASIC has banned its former employee Steven Marsh for three years. He will not be allowed to provide financial services for three years under the new order.

Ban comes after Forex CT issue

According to the Australian Securities and Investments Commission (ASIC), Marsh will not be banned from providing financial services for a period of three years. His ban comes a month after his previous employer, Forex CT, got its Australian Financial Services (AFS) license canceled. The firm issued over the counter (OTC) derivatives.

ASIC Bans Steven Marsh For 3 Years After Cancelling Forex CT License

The firm’s license was canceled after ASIC determined that its business model disregarded the key obligations necessary for an AFS licensee. As a result, the firm engaged in unconscionable, deceptive, and misleading conduct. At the same time, it also failed to manage the conflict of interests.

Marsh’s history with the firm

Marsh was an account manager in the company between February 2018 and March 20, 2019. He interacted with the clients related to their trades in margin forex exchange contracts and contracts for differences (CFD) derivatives. During his time at the firm, he did not comply with the financial services law. He has neither trained adequately nor was competent to provide financial services. The regulator also suggested that he is not a fit and proper person to provide clients financial services.

ASIC said,

“ASIC also found Mr. Marsh engaged in unconscionable conduct. This included engaging in high-pressure sales strategies and unfair practices in order to encourage clients to make deposits or delay or cancel client requests to withdraw their own funds from their trading accounts.”

He made several misleading representations to his clients, which included the claims that he made profits while trading with the firm. He did this despite the fact that CFDs are high risk and extremely speculative in nature. He also told the firm’s clients that if they made higher deposits into their trading accounts, their risks of incurring trade losses will also be reduced. In reality, this would expose clients to more risks of losses of funds.

Tags: ASICForex CT LicenseSteven Marsh

Related Posts

FX Industry

USGFX, MAXI EFX, BrightAU Capital Sued By ASIC For FX Business In China

December 11, 2020
Interactive Brokers Take Advantage of Fractional Stock Trading
FX Industry

IBKR Australia Sets Up Margin Lending-Enabling Accounts

May 24, 2020
eToro To Delist Cardano In 2022 For US Users Citing Regulatory Issues
FX Industry

eToro and Sefiani Will Work Together to Help the Former Launch in Australia

November 11, 2019
Facebook Twitter Instagram Telegram RSS Youtube

Newsletter

Like what you're reading? Subscribe to our top stories

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
    • Cryptovibes French
    • Cryptovibes German
    • Cryptovibes Croatian
    • Cryptovibes Czech
    • Cryptovibes Korean
    • Cryptovibes Danish
    • Cryptovibes Dutch
    • Cryptovibes Finnish
    • Cryptovibes Hungarian
    • Cryptovibes Italian
    • Cryptovibes Japanese
    • Cryptovibes Norwegian
    • Cryptovibes Polish
    • Cryptovibes Portuguese
    • Cryptovibes Romanian
    • Cryptovibes Slovak
    • Cryptovibes Spanish
    • Cryptovibes Swedish
    • Cryptovibes Turkish
  • News
    • PR
  • Analysis
  • Crypto
    • Crypto Presales
  • Autotrading
    • Immediate Connect
    • Quantum Flash
    • Bitsoft360
    • Bitcoin360 AI
    • Immediate Edge
    • Bitcoin Code
    • BitAlpha AI
    • Bitcoineer
    • Immediate Experience
    • Quantum AI
    • Bit GPT AI
    • Immediate Bitcoin
    • Vena System
    • Immediate Profit
    • Immediate GP
    • Bitcoin Fast Profit
    • Ethereum Code
    • Immediate Granimator
    • Quantum Prime Profit
    • BitVestment
    • BitIQ
    • BitProfit
    • Bitcoin Edge
    • Bit Index AI
    • Immediate Iplex
    • Yuan Pay Group
    • Metaverse Profit
    • Today Profit
    • Bitcoin Buyer
    • AI Trading Bots
    • Quantum Code
    • Bitcoin Billionaire
    • Bitcoin Circuit
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • BitAI Method
    • Bitcoin Bank Breaker
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Oracle AI
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • BitiCodes
    • Crypto Bank
    • Bitcoin Loophole
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Bitcoin Profit
    • BitQH
    • Bitcoin Trader
    • xBitcoin Club
    • Bitcoin Bank
    • Quantum Hancock
    • Chain Reaction
    • Bitcoin Union
    • Crypto Capital
    • BitQT
    • Quantum System
    • Libra Profit System
    • Bitcoin Sprint
    • Bitcode Method
    • Immediate Fortune
    • Bit Iplex Codes
    • Bitcoin Revolution
    • Bitcoin Method
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • Bitcoin Rush
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.