A binary options brokerage Titan Trade has been blacklisted by multiple regulators. Now, the ASIC Binary Options investigation is taking place. As the regulator claims Titan Trade unlawfully gained $4.16 million from its clients.
24 November, AtoZForex – The Australian Securities and Investment Commission (ASIC) is investigating the unlawful activities of binary options brokerage TitanTrade and its operators One Tech Media and Britain's Ultra Solutions MG (UK). The Senese family and their associates own the entities. A week ago the federal court prohibited Tony Senese, his wife Sandy Senese, son Cameron Senese, and Yoav Ida from running the website tradettn.com.
ASIC Binary Options investigation into deceptive practices of the Senese family
The Australian watchdog claims that Titan Trade illegally received around $4.16 million from its clients which include Australians. Clients were depositing funds into the business bank account held in the name of Tony Senese's business Allianz Metro.
Both TitanTrade and Tradettn.com are run by One Tech Media and UK-domiciled DOM Technology Services. According to the ASIC, the regulator is currently cooperating with the Guardia di Finanza. Hence, formal interviews of Mr. and Mrs. Senese will be held in Italy. In addition, Michael Pearce, the ASIC lawyer, commented that:
"We are waiting for responses from the Italian regulator to set a venue for the examinations to take place".
ASIC froze the accounts of the Senese family
In its investigation, the ASIC has already succeeded in freezing the assets and bank accounts of the Senese family. Alan Herskope, the lawyer of the Senese family, said his clients didn't argue against the orders. However, the Seneses and Yoav Ida might argue they were providing a legitimate payment platform for the website of Titan Trade.
In 2002, Tony Senese was sentenced to seven years in jail. Because he was found guilty of theft and deceptive accounting charges related to the collapse of the financial services firm, EC Consolidated Capital.
Regulators warn against Titan Trade
Referring to Titan Trade itself, the website has been blacklisted by multiple regulators. The ASIC alerted investors against the brokerage due to the misleading promotions on its website. Furthermore, the New Zealand’s FMA has issued an alert against Titan Trade as well, as the broker was found soliciting its services to New Zealand's citizens without being registered with the regulator. In April 2016, both the U.S. CFTC and the Italian regulator CONSOB blacklisted Titan Trade. Because the brokerage was not registered in any of the two jurisdictions.
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