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Several clients of Berndale have told the ABC that three months after the corporate regulator froze the company's accounts, they still haven't been able to get their money back. Mr D'Amore initially agreed to an on-camera interview with the ABC, before later saying he was unavailable.
He is appealing against ASIC's decision and said all clients' money is safe, but can not be refunded because of the account freeze. Forex trading is a highly complex and risky form of investment, which experts say is actually more akin to gambling. It involves pitting one currency against the other in a series of micro-trades.
If the exchange rate goes up in favour of the currency you have backed, you make a profit. The constantly fluctuating nature of foreign exchange rates makes it a highly volatile form of trading. Forex's booming popularity has led to governments around the world cracking down and, in some cases, banning forex trading altogether.
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While allowed in Australia, ASIC warns forex trading "requires a huge amount of knowledge, research and monitoring," because currency markets are highly unpredictable and can be affected by so many factors. Monash University professor Mark Crosby said the confusing nature of forex brings with it extreme levels of risk.
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Warnings about forex seem to have failed to deter investors. YouTube videos containing tips and tutorials around the trading platform continue to amass hundreds of thousands of views and comments.
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Despite his years of trading and brokerage experience, Mr D'Amore was described by ASIC as being not adequately trained or competent to provide financial services. Mr D'Amore's social media pages feature pictures of high-end sports cars and variations of the hashtag Myhatersaremymotivators, alongside several complaints over the value of the Portuguese chicken chain Nandos.
One post includes a selfie with underworld identity Mick Gatto at a poker night, while another sees Mr D'Amore thanking Gatto for "great seats" at a boxing event.
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At the time of the banning, ASIC said it would allow Mr D'Amore's Berndale company to continue trading for another three weeks so clients' accounts could be finalised. The Berndale bank accounts were finally frozen on December 5, amid fears for the millions of dollars of clients' money it was holding. That is an amount separate to any losses clients may have incurred during forex trades.
The ABC has discovered at least some Berndale clients were not told by the company or by ASIC about the stripping of the licence and Berndale did not hand back their money. In a phone conversation, Mr D'Amore claimed Berndale had been stripped of its licence simply because it was late in supplying audited financial statements to ASIC and that all clients' money was held safely in the Berndale bank accounts that have been frozen. In cancelling the licence, however, ASIC also stated that Berndale failed to take reasonable steps to ensure its representatives complied with financial services laws; failed to have adequate financial and human resources; failed to maintain an appropriate internal dispute resolution system; and failed to provide financial services efficiently, honestly and fairly.
Mr D'Amore also said that the company sent out an email to all clients after its licence was stripped, asking them for their bank account details so their money could be returned to them. None of the eight Berndale clients the ABC spoke to received any communication from the company during that period. Mr D'Amore recently updated his profession on LinkedIn and is now listed as working in "public sanitation and mediation. Mr Dunn said nobody from Berndale or ASIC contacted him and other investors to tell them the company had been stripped of its licence and one of its directors had been banned.
It's just extremely disappointing to see someone that is regulated and supposed to be upholding that law. Monash University's Mark Crosby believes that the laws around forex trading should be dramatically tightened to protect small investors. Investors essentially speculate on whether a currency is going to rise or fall in comparison to another currency — this is called a "pair". Brokers such as Berndale link the investor with another party who takes the opposite side of the contract. As other countries have tightened their rules on this type of investment — including banning it outright — clients have flowed to Australian operators.
In a statement, ASIC said that forex trading — along with similar types of investment — is being aggressively marketed to retail investors and that it is high-risk and speculative. We continue to take court and licensing action [against] a number of licensees in this sector," it said. Each currency pair occupies its own "cell," complete with market data and order information, where you can create, transmit and cancel orders with a single click.
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Overall order, trade and portfolio information is displayed along the top of the currency pairs grid. There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades.
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The interest charges on borrowed funds must be considered when computing the cost of trades across multiple markets. You can link to other accounts with the same owner and Tax ID to access all accounts under a single username and password. FX Trader.