Berndale Capital Securities Pty Ltd
22 February 2018
Until November 2018, Berndale Capital Securities Pty Ltd (Berndale) was a licensed retail over-the-counter (OTC) derivatives provider based in Melbourne.
In 2018, ASIC commenced an investigation into Berndale and its associates, in relation to concerns that Berndale may not have been meeting its obligations as an Australian Financial Services licensee. Since then, the scope of ASIC’s investigation has expanded to include possible dishonest conduct.
As ASIC’s investigation is ongoing, and as there are proceedings currently before the Federal Court of Australia, the information that ASIC can provide to Berndale’s clients and creditors, at this stage, is limited.
In November 2018, ASIC cancelled Berndale’s Australian Financial Services Licence. Further details regarding the cancellation may be found here: 18-363MR.
Berndale has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision to cancel its licence.
Banning of Stavro D’Amore
At the same time as cancelling Berndale’s licence, ASIC banned Mr Stavro D’Amore of Middle Park, Victoria, from providing financial services for a period of six years. Mr D’Amore was the sole responsible manager and key person on Berndale’s licence.
Mr D’Amore is banned from providing financial services until 21 November 2024 (18-363MR).
In December 2018, ASIC obtained orders from the Federal Court of Australia, freezing Berndale’s and its associated entities’ assets (18-390MR). ASIC has sought the freezing orders to preserve the available assets to pay Berndale’s clients and other creditors.
The orders will remain in force until further order by the Court.
The next Court date is still to be set.
ASIC will update this webpage as more information can be published.
The Australian Financial Complaints Authority (AFCA) have also published information for consumers on their website.
General information on investing
ASIC has published information on investing in complex investments such as foreign exchange trading. You can find this information at www.moneysmart.gov.au/investing.