Less than a year after cancelling the operational licence of JB Markets, which offered forex and contracts for differences (CFDs) products, among other things, the Australian regulator has banned its director, Peter Aardoom, for eight years from associating with any other financial services company.Action Against JB Markets ContinuesBrisbane-based Aardoom has been a director at JB Markets since 2016 and was also named as the company's key person under its now-cancelled Australian Financial Services (AFS) licence. He is now prohibited from controlling any entity that operates a financial services business or performing any function involving financial services for the next eight years.The ban against Aardoom came after the Australian Securities and Investments Commission (ASIC) found that the sole director of the broker had entered into a false loan agreement between his company and another entity. Although the other company paid JB Markets AU$540,000 in cash in 2021 as a loan, the transaction was actually for equity. Furthermore, Aardoom did not issue shares to that unnamed company on time.ASIC further highlighted the misrepresentation of an investment in equity as a loan, which was done to gain an advantage in approving a restructuring plan for JB Markets. He even reduced the purported loan in the restructuring plan to ensure that the total liabilities of JB Markets remained under the $1 million threshold for a small business restructure.Now, according to the Aussie regulator, Aardoom “is not a fit and proper person to participate in the financial services industry and is likely to contravene a financial services law.”The Fall of Another ASIC-Regulated CFDs BrokerJB Markets offered various products and services, including trading in margin forex and CFDs. It also facilitated the trading of shares and agricultural products and even operated a managed fund.ASIC first took action against JB Markets in November 2023, suspending the firm’s licence for six months due to its failure to "comply with the financial requirements of its AFS licence" and "have adequate resources to provide the financial services covered by the licence." The suspension turned into a full licence cancellation in April last year.This article was written by Arnab Shome at www.financemagnates.com.