The Australian Securities & Investments Commission has made orders permanently banning Yanhua (Scott) Chen from providing any financial service, controlling a financial services business, and performing any function involved in carrying on a financial services business. ASIC found Mr Chen was not a fit and proper person and lacked the judgement and character required to operate in the financial services industry. ASIC considered Mr Chen’s conduct in receiving AUD 490,000 from a client to invest in certain stocks but instead misusing the funds to trade on his own account at a loss, and leading the client to believe the money had not been lost. Mr Chen was a director of Melbourne-based 61 Financial Information Technology Pty Ltd (deregistered) and Filli Capital Pty Ltd, and 61 Financial Information Technology Pty Ltd was an authorised representative of BeeMarkets Pty Ltd between 21 August 2019 and 30 November 2023. The banning has been recorded on ASIC’s Banned and disqualified register.
Australian Securities & Investments Commission 2026-04-10
Australian Securities & Investments Commission permanently bans Yanhua Scott Chen from the financial services industry after misuse of AUD 490,000 client funds
The Australian Securities & Investments Commission has permanently banned Yanhua (Scott) Chen from providing or controlling financial services, finding he is not a fit and proper person and lacks the judgement and character required for the industry. ASIC cited his misuse of AUD 490,000 received from a client for personal trading at a loss while misleading the client about the funds, and has recorded the banning on its Banned and disqualified register.