A former senior JPMorgan executive has denied accusations by the corporate watchdog that he was running fake online currency trading schemes.
ASIC said that while customers were told they were online trading, they never actually were. Instead, McCabe allegedly gave the customer only ‘demo’ or ‘test’ accounts to customers without their knowledge and then pocketed the cash. As much as $1.8 million was allegedly fleeced by McCabe who allegedly told investors their money was lost on bad trades they had performed.The Age“I haven’t actually spoken to ASIC about this.
McCabe was bankrupted in 2020 after failing to pay legal fees. His bankruptcy trustee refused in 2021 to discharge his bankruptcy amid concerns McCabe had not provided proper information to his trustee during the course of 2020. McCabe allegedly used the same “modus operandi” with several customers, drawing them into the schemes through high-profile advertisements and the promise of 20 per cent returns. Customers were also attracted by the schemes’ promise of providing normal consumers with access to cash funds usually used by high-powered investment banks.