The Australian Securities and Investments Commission (ASIC) has banned Peter Aardoom of Brisbane from providing financial services, controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business for eight years.

Mr Aardoom has been the director of JB Markets Pty Ltd since August 2016, and was a key person named on the Australian Financial Services (AFS) licence of JB Markets.

ASIC found that in 2023, Mr Aardoom, as sole director of JB Markets:

• entered into a false loan agreement between JB Markets and another company in relation to a $540,000 cash payment made by that company to JB Markets in 2021, knowing that the $540,000 payment was for equity in JB Markets and not a loan
• failed to issue shares to the other company in relation to the 2021 equity investment in JB Markets within the required timeframe,
• immediately after entering into the false loan agreement, provided the false loan agreement, and restructuring documents to a restructuring practitioner, creditors and ASIC during the small business restructure process of JB Markets, representing the other company as a creditor of JB Markets, rather than a shareholder in JB Markets. This was done to enable the other company to vote in the restructure and diminish the voting power of the other creditors, and
• engaged in dishonest conduct by reducing the purported loan in the restructuring plan to ensure that the total liabilities of JB Markets remained under the $1 million threshold for a small business restructure.

As a result of the above conduct, ASIC has reasons to believe that Mr Aardoom is not a fit and proper person to participate in the financial services industry, and is likely to contravene a financial services law.

The ban took effect on 19 February 2025.

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

ASIC cancelled JB Markets’ AFS licence effective from 12 April 2024. JB Markets has applied for review of ASIC’s decision to cancel its licence in the Administrative Review Tribunal.