The Australian Securities and Investments Commission (ASIC) has banned Gregory William Finerty, the sole director of Bradford AI, a business that leased an automated trading robot, designed to work on FX trading platforms from providing any financial services for four years.

ASIC banned Mr Finerty after finding he carried on a financial services business without an Australian financial services (AFS) licence and engaged in misleading and deceptive conduct. He is banned from controlling, whether alone or with others, an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.

Bradford AI leased an algorithmic trading program known as ‘Robot 1’ to trade on the FX market, using an Australia-based over the counter CFD broker.

ASIC found between about January 2020 to at least the end of December 2021, Mr Finerty dealt in financial products without a licence by arranging for his clients to acquire and dispose of financial products, being foreign currency CFDs.

The regulator also found Mr Finerty engaged in misleading or deceptive conduct when he mislead clients about the performance of Robot 1 and directed or assisted clients to mislead the CFD broker about their trading experience.

In banning Mr Finerty, ASIC also found that he is not a fit and proper person to provide financial services, is not adequately trained or competent to provide financial services, and is likely to contravene financial services law.

Mr Finerty has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.