ASIC announced it had cancelled the licence of Ultimo-based Chronos Capital Pty Limited and banned its director and responsible manager, Robert Lachlan Semple. ASIC said Semple had been incarcerated since October 2013 and will remain in prison until at least 3 April 2016.
ASIC said Semple was not able to discharge his obligations as responsible manager due to his incarceration, was involved in breaches of financial services laws by Chronos and was not of good fame or character.
The regulator said the company had breached financial services laws by representing on its website that it was it was authorised to provide Managed Discretionary Account (MDA) services to clients in circumstances where it was not authorised to do so under its AFS licence, had breached its licence conditions by providing MDA services to three clients and had breached financial services laws by misrepresenting an offer to clients as an investment in a debenture when the offer was in fact an unsecured loan.
ASIC has cancelled the AFSL of a NSW financial services company and permanently banned its director.