ASIC has banned Mr Peter Aardoom of Brisbane from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business for 8 years.
Mr Aardoom is the director of JB Markets Pty Ltd (JB Markets) since August 2016, and was a key person named on the Australian Financial Services (AFS) licence of JB Markets.
ASIC found that in 2023, Mr Aardoom, as sole director of JB Markets:
- entered into a false loan agreement between JB Markets and another company in relation to a $540,000 cash payment made by that company to JB Markets in 2021, knowing that the $540,000 payment was for equity in JB Markets and not a loan
- failed to issue shares to the other company in relation to the 2021 equity investment in JB Markets within the required timeframe,
- immediately after entering into the false loan agreement, provided the false loan agreement, and restructuring documents to a restructuring practitioner, creditors and ASIC during the small business restructure process of JB Markets, representing the other company as a creditor of JB Markets, rather than a shareholder in JB Markets. This was done to enable the other company to vote in the restructure and diminish the voting power of the other creditors, and
- engaged in dishonest conduct by reducing 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.
As a result of the above conduct, ASIC has reasons to believe that Mr 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 banning took effect from 19 February 2025.
Mr Aardoom’s banning is recorded on ASIC’s .
Mr Aardoom has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
Background
ASIC cancelled JB Markets’ AFS licence effective from 12 April 2024 (24-081MR). JB Markets has applied for review of ASIC’s decision to cancel its licence in the Administrative Review Tribunal.