The Australian financial regulator permanently banned a Sydney man from providing financial services.
Shun Yuen Ken Li (also known as Leo Lee) has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
ASIC has the power to permanently ban a person from providing financial services without a hearing if the person is convicted of «serious fraud.»
Li was banned after pleading guilty and being convicted of two counts of dishonestly using his position as an employee of Gain Capital Australia (GAIN Capital) with the intention of gaining an advantage for two clients.
Funds Recovered
The charges related to Li's use of his position as an employee of Gain Capital to place orders for two clients. His orders resulted in these clients obtaining profits of approximately $20,150 and $52,400 respectively.
Gain Capital has recovered the full amount of $72,550 from the clients' accounts.
Li was sentenced in the Downing Centre Local Court to a community service order of 350 hours.
