Trade360 surrenders licence, executives Jonathan Schneider and Oskar Pecyna banned for eight-years

Over-the-counter (OTC) derivatives provider Sirius Financial Markets Pty Ltd, trading as ‘Trade360’, has surrendered its Australian Financial Services licence following an ASIC investigation.

ASIC also banned two of Sirius Financial’s former executives, Mr Jonathan Schneider and Mr Oskar Pecyna. The ban prevents them from controlling an entity that carries on a financial services business or performing any executive or management role in relation to a financial services business for eight years.

ASIC’s investigation

Sirius Financial engaged Toyga Media Ltd (Toyga), an off-shore call centre, to source clients to trade in high-risk contracts-for-difference (CFDs) and margin foreign exchange contracts products issued by Sirius Financial.

The call centre persuaded Sirius Financial clients to trade using pressure selling tactics and provided clients with personal advice when Sirius Financial was not licensed to do so. Sirius Financial was also found to have engaged in unconscionable conduct and conduct that was likely to mislead or deceive.

ASIC Commissioner Danielle Press said, ‘ASIC’s investigation uncovered concerning consumer losses from trading in CFDs… losing over $400,000 after being told CFDs were a safe investment.’

ASIC’s investigation also found that, in failing to take adequate steps to address Toyga’s conduct, Sirius Financial has breached its licence obligations to:

• do all things necessary to ensure that the financial services covered by the licence are provided efficiently, honestly and fairly
• take reasonable steps to ensure that its representatives comply with the financial services laws
• have in place adequate arrangements for the management of conflicts of interest.

ASIC found both Mr Pecyna and Mr Schneider were involved in Sirius Financial’s breaches of its licence obligations and was not adequately trained or competent to be involved in the control of a financial services business. In reaching these findings, ASIC found that both men failed to perform their duties as responsible managers adequately and lacked the necessary professionalism, integrity, judgement and diligence to play a role in the management or control of a financial services provider.

Mr Pecyna’s and Mr Schneider’s ban has been recorded on ASIC’s Banned and Disqualified Persons Register.

Sirius Financial will surrender its licence and wind down retail and wholesale operations and will cease providing financial services on 29 July 2022.

Similar ASIC Bans

ASIC has been cracking down on unfit financial advisors and firms recently. Aside from Mr Pecyna’s and Mr Schneider’s bans, similar bars have been seen with Adrian Summers’ and James Furnell, as well as the United Wealth Group, who lost their AFS licence in November 2021.

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