Financial Services provided by BGC Securities Broker David Moore, is banned by ASIC

David Moore – a former broker banned for 10 years, from providing financial services

The Australian Securities and Investments Commission (ASIC) has banned David Moore, a former broker employed by BGC Securities (Australia) Pty Ltd, from providing financial services for 10 years.

Moore is from Pullenvale Queensland and has been previously employed as an executive manager from June 2016 through February 2020 at BGC, and was trading as BGC Fixed Income Solutions.

ASIC investigation discovered David breached a contractual agreement between BGC and a referring broker. He was found to be:

• trading at prices outside of the agreed independent valuation on transactions entered on numerous accounts
• charging unpermitted spreads on transactions entered on behalf of numerous accounts of clients referred to BGC by the referring broker

The Aussie watchdog stated that “ASIC also found that Mr Moore engaged in conduct in relation to his transactions in corporate bonds on behalf of his clients’ accounts that were misleading or deceptive, or likely to mislead or deceive and that he attempted to take steps to conceal this conduct.”

The investigation was sparked by Investment statements containing false information to deceive clients and the referring broker into believing he had followed the contractual agreement. The ASIC highlighted that David’s actions caused BGC’s record to be altered improperly.

“ASIC works with the aim to muck out Australia’s financial service industry”

The ban on Moore says a lot more other things

The ASIC stated that banning persons for improper conduct, including false and misleading actions at the client’s expense is part of the ongoing efforts to improve standards across the financial services industry. Additionally, Mr Moore holds the right to file an appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Recently, the ASIC has been rather brutal and authoritative in exposing financial misconduct. As Finance Magnates reports, the agency cancelled the Australian Financial Services (AFS) license of Union Standard International Group Pty Ltd, which operates under the brand USGFX.

Earlier this month, the Federal Court of Australia ordered the liquidation of a foreign exchange (forex) broker and cancelled the USGFX’s AFS license.

Source: Finance Magnets