ASIC Bans Forex Capital Trading CEO for 10 Years

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The Australian Securities and Investments Commission (ASIC) has announced that it has banned Forex Capital Trading (Forex CT) chief executive officer (CEO), executive manager, and sole director, Shlomo Yoshai, for ten years. The regulator found that Mr Yoshai’s lack of understanding of compliance procedures was so serious that it justified the implementation of such a significant ban period, especially given that he was someone who led the operations of Forex CT. ASIC notes that the company has used account managers to encourage clients to trade in high-risk CFDs contracts. Mr Yoshai was found to have been involved in the company’s breaches of the Corporations Act, including the structure of Forex CT’s commission, which authorizes team leaders and account managers to take a percentage of clients’ net deposits.

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