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Global law firm Norton Rose Fulbright has advised ASIC in relation to a $20 million penalty aimed at Forex CT.
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’.”
