Home News Former DanFX Trade director arrested following ASIC investigation LeapRate

Former DanFX Trade director arrested following ASIC investigation LeapRate

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The Australian Securities and Exchange Commission today revealed that unlicensed foreign exchange trader Daniel Farook Ali is facing charged with eight counts of fraud totalling $977,000. After ASIC’s investigation Ali was extradited from Poland and arrested.

According to Australian regulator’s announcement, from May 2016 to November 2017, Ali used client funds to buy real estate and luxury cars for his family and related companies, and to pay returns to other investors.

ASIC ban

ASIC noted that in some cases, the money Ali received from investors had come from investors’ self-managed superannuation accounts.

In 2018, in the midst of ongoing civil proceedings against him and an ongoing investigation, Ali left Australia. He was arrested in Poland in November 2021 after a warrant for his arrest was issued. Poland granted Australia’s request for Ali’s extradition in July 2022.

Earlier in July, ASIC announced that following an investigation, investment scammer Chris Marco was charged with 50 counts of fraud and is due to appear in court on 22 July 2022 in Perth.

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