The Australian Securities & Investments Commission (ASIC) keeps up with its efforts to handle fraudulent conduct in the Forex sector. Earlier today, the Australian regulator announced the imposition of a permanent ban on Bee Chin Lim, also known as Vicky Bee Chin Lim of Yagoona in New South Wales, from providing financial services.
Ms Lim was the sole director of JJ Global Network Pty Ltd (JJ Global), an entity which was closely associated with Malaysian-based entity called JJ Global Network Holdings BHD which offered Forex investments under the business name JJPTR.
Ms Lim was banned after she and JJ Global engaged in certain activities without holding an Australian financial services license (AFSL) or being authorized representatives of an AFSL holder.
In particular, ASIC found that between July 2016 and April 2017, Ms Lim:
- established JJ Global as an Australian office of JJPTR and was the only contact person in Australia for JJPTR investors;
- received more than $2.2 million worth of deposits from 1,400 investors into JJ Global’s bank accounts and her personal accounts;
- misused investor funds for her own purposes; and,
- engaged in dishonest conduct by creating false investor accounts to by-pass JJPTR investment amount restrictions and increase referral commissions she received.
When taking the decision to ban Ms Lim, the regulator considered that she:
- provided financial services in Australia without an AFSL in violation of s911A of the Corporations Act (the Act);
- engaged in dishonest conduct in contravention of s1041G of the Act; and
- was not of good fame or character.
The action comes about two weeks after the Australian regulator said it had managed to secure more orders against Daniel Farook Ali, former director of DanFX Trade Pty Ltd (DanFX). The Court permanently restrained Mr Ali from managing corporations following findings that:
- Mr Ali, DanFX and two related companies operated the Daniel Ali Scheme, which was a managed investment scheme that was required to be registered under the Corporations Act but was not so registered;
- Mr Ali contravened the Corporations Act by operating the Daniel Ali Scheme without holding an Australian financial services licence; and
- Mr Ali contravened the Corporations Act by managing DanFX and two related companies, despite being disqualified from managing corporations due to a prior conviction for fraud.
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