ASIC has permanently banned Mr Shun Yuen Ken Li (also known as Leo Lee) from providing financial services.

Mr Li was banned after pleading guilty and being convicted of two counts of dishonestly using his position as an employee of GAIN Capital Australia Pty Ltd (GAIN Capital) with the intention of gaining an advantage for two clients, contrary to section 184(2)(a) of the Corporations Act 2001. Mr Li was sentenced in the Downing Centre Local Court to a community service order of 350 hours.

The charges related to Mr Li's use of his position as an employee of GAIN Capital to place orders for two clients. Mr Li's orders resulted in these clients obtaining profits of approximately $20,150 and $52,400 respectively. GAIN Capital has recovered the full amount of $72,550 from the clients' accounts.

Background

ASIC has the power to permanently ban a person from providing financial services without a hearing if the person is convicted of "serious fraud".