Gabriel Yakob, of Point Piper New South Wales, the former director of AlphaThorn Pty Ltd (now known as Trading Life Services Pty Ltd), has been banned by ASIC from providing financial services for a period of five years.
Between 2018 and 2022, Mr Yakob was a director of AlphaThorn, which operated a financial services business with contracted investment manager Metal Alpha Pty Ltd. AlphaThorn offered managed discretionary account investments to wholesale investors through the AlphaThorn Secured Service from February 2019 and through the AlphaThorn Enhanced Service from September 2019.
ASIC found that Mr Yakob engaged in misleading and deceptive conduct or conduct that was likely to mislead or deceive, when he was involved in the creation and publication of promotional materials for AlphaThorn's financial services business with the consequence of denying investors the opportunity to make investment decisions based on factually correct information. ASIC also found that Mr Yakob lacked the training and competence to participate in the financial services industry.
ASIC also banned Trading Life Services from providing financial services for five years, finding that the company engaged in misleading or deceptive conduct, or conduct that was likely to mislead or deceive, by publishing and distributing promotional materials, and that under the supervision of Mr Yakob it is not adequately trained, or not competent to participate in the financial services industry.
The ban prevents Mr Yakob and Trading Life Services from providing any financial services, performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity) and controlling an entity that carries on a financial services business.
Mr Yakob and Trading Life Services have each lodged an application with the Administrative Appeals Tribunal for review of ASIC's decisions.
The banning orders have been recorded on the Banned and Disqualified Persons Register.
Background
ASIC cancelled the Australian financial services licence of Metal Alpha on 19 May 2022 (22-120MR).
