Former Guevara Capital Access boss Mark McCabe charged by police

Former Guevara Capital director Mark McCabe has been charged with criminal deception, on allegations he wrongly took $273,800 from a client.

Former Guevara Capital director Mark McCabe has been charged with criminal deception, on allegations he wrongly took $273,800 from a client.

NSW Police have swooped on former Guevara Capital Access boss Mark McCabe, hitting him with criminal charges amid concerns he could seek to leave the country after a travel ban expired.

The raid, launched on behalf of the Australian Securities and Investments Commission, came as the regulator stalked the former JP Morgan banker amid concerns he engaged in dishonest and misleading conduct.

NSW Police charged Mr McCabe with one count of dishonestly obtaining property by deception, which carries a 10-year maximum penalty.

ASIC alleges between 16 October 2015 and 25 May 2020 Mr McCabe dishonestly obtained $273,800 from a client of Guevara Capital Access and Online Trading Capital.

ASIC has previously alleged Mr McCabe misled customers, by offering to provide them with access to foreign exchange trading accounts, containing large amounts of funds but instead presented them with dummy accounts.

ASIC has alleged Mr McCabe used the dummy accounts to present fake financial information to customers, resulting in them losing funds.

Mr McCabe was bailed and will appear in court on September 13 to face the case set to be run by the Commonwealth Director of Public Prosecutions.

ASIC has had controls on Mr McCabe since April, amid concern the former banker, who has ties to Singapore, may seek to leave the country.

However, ASIC flagged he may face more charges after it scrambled to launch action targeting him on Friday, noting further action was being considered.

The regulator is understood to be considering further charges of dishonestly obtaining property by deception as more former clients of Guevara Capital come forward.

ASIC’s investigation focuses on alleged misleading conduct between 2015 and 2020.

Guevara Capital operated under an Australian Financial Services Licence between May 2016 and March 2018.

The company, which has been largely scrubbed from the internet, offered investors “proprietary software that you cannot access elsewhere”.

“We have spent decades and millions of dollars developing institutional quality infrastructure,” Guevara Capital told investors.

“This allows you to systemise the entire trading process with the same diligence, precision and sophistication as an institutional trader.”