Global law firm Norton Rose Fulbright has assisted the Australian Securities and Investments Commission (ASIC) on the successful Federal Court decision in its case against AGM Markets Pty Ltd and its authorised representatives, OT Markets Pty Ltd and Ozifin Tech Pty Ltd.
Justice Beach ruled in favour of ASIC and found that the respondents engaged in systemic unconscionable conduct while providing OTC derivative products to retail investors in Australia. His Honour also found that 21 individual cases of unconscionable conduct were made out.
The Court found that the companies engaged in thousands of contraventions of the Corporations Act and the ASIC Act, including misleading or deceptive conduct, the provision of unlicensed personal advice, and the provision of advice that was not in the best interests of their clients. The Court found that this conduct resulted in Australian investors losing over $30 million.
The Norton Rose Fulbright disputes team was led by partner Andrew Riordan, with support from special counsel James Love, senior associates Caitlin Brown and Xi Wang, associates Sophie Wade and Ashvin Sandra Segaran, lawyer Kelvin Ng and a number of other lawyers.
Andrew Riordan commented:
"We are proud to have assisted ASIC in its successful prosecution of this case. The strong findings by the Federal Court will assist in protecting Australian investors from further misconduct and breaches of law. We are particularly pleased that the Court made a finding of systemic unconscionable conduct."