General
ASIC bans Forex Capital Trading director Shlomo Yoshai for 10 years after reports of ‘Wolf of Wall Street’ culture
The Australian Securities and Investments Commission has handed lengthy bans to the director and former employees of an online foreign currency trader, whose culture insiders likened to something out of The Wolf of Wall Street.
Key points:
- ForexCT director and chief executive has been banned from offering financial services for 10 years
- Four former employees have been banned for between three and six years
- Forex trading is a highly complex and risky form of investing which experts say is more like gambling
The activities of the foreign exchange broker, Forex Capital Trading (ForexCT), were first revealed by the ABC in 2019.
Former clients said they had been harassed and pressured into losing hundreds of thousands of dollars by employees of…
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