Following an investigation into suspected misleading and deceptive conduct, ASIC has commenced civil proceedings in the Federal Court against Camelot Derivatives Pty Ltd (Camelot) and its sole director, Mr Neil Walter King.
Camelot is a Melbourne-based derivatives dealing company specialising in trading international index options.
ASIC contends that Camelot and Mr King contravened provisions of the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001 by:
- engaging in misleading and deceptive conduct;
- failing to ensure that the financial services covered by Camelot’s Australian Financial Services Licence (AFSL) were provided efficiently, honestly and fairly;
- failing to comply with the conditions of the AFSL; and
- alternatively, that Mr King was an accessory to Camelot’s contraventions.
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