The Australian Securities & Investments Commission (ASIC) reported that former financial services director Mark Francis McCabe was sentenced in the Downing Centre District Court in Sydney to four years and three months’ imprisonment, with a non-parole period of two years and six months, for three fraud offences involving dishonest financial advantage by deception. McCabe pleaded guilty to three offences, with a further four offences taken into account for sentencing. The conduct occurred between January 2015 and April 2021 and involved eight victims, seven of whom were clients of Guevara Capital Access Pty Ltd and/or Online Trading Capital Pty Ltd (both deregistered), of which McCabe was sole director. Investors were falsely told they were receiving access to funded foreign exchange trading accounts; instead they were only given “test” accounts incapable of placing real trades, while payments were misappropriated for personal and business expenses. The total financial advantage obtained was AUD 940,350. The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation and referral.
Australian Securities & Investments Commission 2025-05-21
Australian Securities & Investments Commission reports former financial services director Mark McCabe sentenced to more than four years’ imprisonment for investor fraud
The Australian Securities & Investments Commission (ASIC) announced that former financial services director Mark Francis McCabe was sentenced to four years and three months in prison, with a non-parole period of two years and six months, for three fraud offences. McCabe's fraudulent activities, between January 2015 and April 2021, affected eight victims and involved misappropriating AUD 940,350 by misleading investors about access to funded foreign exchange trading accounts. The case was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation.