A former contracts for difference (CFD) dealer has been banned by ASIC following an investigation into misleading conduct.
The probe into the activities of Simon Gundry, of Mornington, found that despite the deregistration of his online investment business SSG Trading on 28 April 2008, he continued to use the business name when dealing with about 15 investors, who invested $835,168 through his trading platform.
Gundry, who was also under investigation by Victoria Police, engaged in misleading and deceptive conduct, providing his investors with false performance reviews during the period of 1 July 2007 to 9 December 2010.
"Instead of using the funds to trade, Gundry spent the money on day-to-day living expenses, as well as to fund various payment entitlements to the investments," ASIC commissioner Peter Kell said.
"We want to ensure that product providers in the financial services sector act with honesty and integrity.
"If they do not, then ASIC will take action to remove them from the industry."
Gundry has the right to appeal to the Administrative Appeals Tribunal for a review of the ASIC decision.
