On November 14, 2022, Judge Bourke of the New South Wales District court sentenced Mark Peter Thomas, the former CEO of van Eyk Research Pty Ltd, to 15 months imprisonment. Thomas pleaded guilty to violating his responsibilities on May 31, 2022. (ASIC regulated Forex Brokers)
Details about the Imprisonment
The investigation and prosecution of Mr Thomas by the Commonwealth Director of Public Prosecutions came as a referral from the Australian Securities and Investments Commission (ASIC). The commission had provided evidence of illegal transactions that the former CEO orchestrated while in office.
The evidence presented before the court revealed that between January 31 and February 20, 2014, Mr Thomas conducted illegal transactions contrary to the commission's code of ethics. It was discovered that these transactions directly benefited Mr Thomas during as CEO of van Eyk Research.
As CEO, Mr Thomas enabled Blueprint's investment of over $5 million into Wholesale Enhanced Income. The funds were loaned to TAA Melbourne Pty Ltd upon the transfer to buy shares in van Eyk Research.
These transactions enabled Mr Thomas to retain his position as the chief investment officer at van Eyk Research and general director at Blueprint. These transactions also prohibited a third party from taking control of van Eyk Research.
In passing his judgment, Judge Bourke reviewed Mr Thomas's misconduct and characterized it as a breach of his position of trust and accountability. He further explained that even though the company did not lose any investors, Mr Thomas had, in his words, "exposed managed funds to risk." ( Best Australian Forex Brokers in 2023)
Mr Thomas was found guilty of violating Section 184 of the Corporations Act of 2001, which subjects him to a fine of $340,000, a five-year sentence, or both. According to the Australian Securities and Investments Commission (ASIC), the court considered Mr Thomas's guilty plea, the loss of his career and his five-year management ban.
About Van Eyk Research Ltd
van Eyk Research Limited is a privately owned business established in 1989. The company provides wealth management and qualitative investment research as part of its financial services. The company's target markets are Australia and New Zealand markets. (All You Need To Know About Social Trading and Copy Trading: The Benefits and Risks)
As expected, financial authorities regulate van Eyk Research Limited like any legitimate organization. The ASIC and other financial authorities licensed the company to ensure that it upholds its basic principles and provides the best customer service possible.
These licenses suggest that an organization is legitimate and safe for investors. Hence, Investors must confirm the validity of an organization before committing their funds to the platform. Understanding the nature of the market and future predictions is also a good way to protect one’s investment.