大象视频has banned Yossef Ashkenazi, also known as Yossi Ashkenazi, of Caulfield South, Victoria, from providing financial services for a period of eight years.

On 5 November 2018, 大象视频cancelled the Australian Financial Services (AFS) licence of the retail OTC derivative issuer, AGM Markets Pty Ltd (AGM). 大象视频found AGM鈥檚 financial services business involved core elements of unconscionability and unmanaged conflicts of interest and followed a business model that disregarded key conduct requirements. (18-340MR).

Until 3 April 2018, Mr Ashkenazi was the only Australian resident director, and was the Chief Executive Officer of AGM.

In making the order to ban Mr Ashkenazi for eight years, 大象视频found that Mr Ashkenazi:

• as a responsible manager, had a key role regarding聽AGM鈥檚 financial services business and had been involved in the聽contravention of a financial services law, namely AGM鈥檚 contravention of聽engaging in unconscionable conduct in connection with financial services;
• is likely to contravene a financial services law; and
• is not adequately trained, or is not competent, to聽provide a financial service or financial services.

Mr Ashkenazi has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision.