ASIC bans Brisbane-based financial services director

On February 25, 2025, the Australian Securities and Investments Commission (ASIC) banned Peter Aardoom, director of JB Markets Pty Ltd, from providing financial services in Australia for eight years. This ban prevents Aardoom from providing financial services, controlling a financial services business, or performing any function involved in running a financial services business.

The ban follows an ASIC investigation that found Aardoom engaged in dishonest conduct related to a false loan agreement and the restructuring of JB Markets. Specifically, ASIC found that Aardoom:

• Created a false loan agreement for $540,000, knowing it was actually an equity payment.
• Failed to issue shares related to the equity investment.
• Used the false loan agreement to misrepresent an investor as a creditor, manipulating the voting power in JB Markets restructuring process.
• Reduced the loan amount in the restructuring plan to keep JB Markets liabilities under the threshold for a small business restructure.

ASIC concluded that Aardoom is not a fit and proper person to participate in the financial services industry and is likely to violate financial services laws. This ban is recorded on ASICs Banned and Disqualified Persons Register.

This action by ASIC highlights its commitment to maintaining the integrity of the Australian financial services industry and protecting consumers from dishonest conduct.