Australian company Allianz Metro Pty Ltd, together with Eustace Senese and Yoav Ida provided One Tech Media with services without AFS licence and also breached the Corporations Act. Senese and Ida also failed to issue the requisite PDS for each binary option trade conducted.
The court found that One Tech Media’s conduct was “systemic and deliberate” and caused substantial looses to clients and Senese and Ida contributed to that.
The judgment imposed a $1.8 million penalty on One Tech Media and permanently restrained the company from carrying on a financial services business. Allianz Metro was also banned from carrying on a financial services business. The court banned Senese as well and permanently disqualified him from managing corporations. Ida was banned for 15 years.
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