Forex CT to pay $20m penalty
Global law firm Norton Rose Fulbright has advised ASIC in relation to a $20 million penalty aimed at Forex CT.
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Firm: Norton Rose Fulbright (ASIC).
Value: $20.4 million.
Area: Corporate.
Key players: Norton Rose Fulbright regulatory disputes partner Andrew Riordan led the team with support from senior associate Caitlin Brown, associates Emily Almond, Tess Waldron and Ashvin Segaran, and lawyers Sophie Mether and Nick Bernardo.
Deal significance: As per a statement provided by Norton Rose Fulbright, Forex CT carried on a financial services business of providing advice to retail clients in relation to over-the-counter (OTC) derivative products.
“Notably, Justice Middleton found Forex CT had engaged in systemic unconscionable conduct, paid conflicted remuneration to certain Forex CT employees and failed to act in the best interest of its clients,” the firm said.
“The sole director, Shlomo Yoshai, was also found to have breached his director duties and aided, abetted, counselled or procured Forex CT’s system of unconscionable conduct.”
Commenting further, Norton Rose Fulbright lead partner Mr Riordan said: “We are pleased to have assisted ASIC in securing this Federal Court decision, in which Justice Middleton ordered significant penalties for ‘systemic compliance deficiencies’.”
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Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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