Trade360, which signed up Australian cricketer Steve Smith as a brand ambassador, has given up its financial licence and two former executives have copped eight-year bans after an investigation found it sold risky assets to clients with little investing know-how.
Sirius Financial, which operates the Trade360 brand, is alleged to have hired offshore call centre Toyga Media to find clients to trade in contracts-for-difference (CFDs) and margin foreign exchange contracts for Sirius Financial, an investigation by the Australian Securities and Investment Commission found.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
