ASIC bans former director of Quantum Funds Management
The Australian Securities and Investments Commission (ASIC) has banned former director of the Australian Financial Services (AFS) licensee Quantum Funds Management and Qsmart Securities, Peter Gribble, over refusal or failure by these entities to pay Australian Financial Complaints Authority (AFCA) determinations.
Gribble would be banned from controlling an entity that carries on a financial services business and performing any function as an officer of such entity for the next three years.
AFCA made a total of seven recommendations against Qsmart and Quantum in 2020 in response to complaints relating to unauthorised trading and disclosure failures as well as inappropriate financial advice and other misrepresentations provided by credit representatives.
Following this, the AFCA’s determinations directed those entities to pay consumers a total amount of approximately of $2.5 million.
“Directors of AFS licensees must make sure that their firms comply with AFCA determinations within the time specified. If directors try to avoid this obligation, we will take steps to remove them from the financial sector,” ASIC deputy chair Sarah Court said.
“AFCA determinations are not opportunities for negotiation.”
Gribble, whose banning order took effect from 6 October 2022, has the right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal (AAT).
Peter Gribble is a charlatan.
I am one of more than 60 Singaporeans who were scammed by Peter Gribble and have lost millions of dollars in his so-called Quantum Linton Fund.
He looked so sincere and promised 10% returns – a real scammer.