The business will wind up by the end of the month and former executives will be banned for eight years.
Trade360, which signed up Australian cricketer Steve Smith as a brand ambassador, has given up its financial licence and two former executives have copped eight-year bans after an investigation found it sold risky assets to clients with little investing know-how.
ASIC also banned former Sirius Financial executives Jonathan Schneider and Oskar Pecyna from controlling an entity that is involved in financial services, or from performing any executive or management role in financial services, for eight years.“ASIC’s investigation found the call centre representatives persuaded Sirius Financial clients to trade using pressure selling tactics and provided clients with personal advice when Sirius Financial was not licenced to do so.
ASIC alleged that Mr Pecyna and Mr Schneider were both involved in breaches of Sirius Financial’s licence obligations and “were not adequately trained or competent to be involved in the control of a financial services business”.
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