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Wednesday 30 September 2020

20-224MR ASIC bans BGC Securities fixed income broker for ten years

ASIC has banned former BGC Securities (Australia) Pty Limited (BGC) broker David Moore, of Pullenvale, QLD, from providing financial services for ten years. 

Mr Moore was an executive manager at BGC, trading as BGC Fixed Income Solutions (formerly MINT Partners Australia), from approximately June 2016 to February 2020.

ASIC found that Mr Moore breached a contractual agreement between BGC and a referring broker by:

  • charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and
  • trading at prices other than the agreed independent valuation on transactions entered on behalf of a number of accounts.

ASIC also found that Mr Moore engaged in conduct in relation to his transactions in corporate bonds on behalf of his clients’ accounts that was misleading or deceptive, or likely to mislead or deceive, and that he attempted to take steps to conceal this conduct. Further, Mr Moore caused BGC’s records to be altered improperly, causing investment statements to contain false information that deceived clients and the referring broker as to whether Mr Moore had adhered to the contractual agreement.

Mr Moore’s banning is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Mr Moore’s banning is recorded on ASIC's banned and disqualified register.

Mr Moore has to the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

Editor's note:

Mr Moore filed an application for review with the Administrative Appeals Tribunal on 23 Oct 2020. On 7 May 2021, the Tribunal ordered by consent that ASIC's banning order be varied such that the banning period is reduced to one year.

Last updated: 17/05/2021 12:57