ASIC bans former AFS Capital director

The Australian Securities and Investments Commission (ASIC) has banned a former director of AFS Capital Securities Limited, Dr Bingxing Hu, for five years from providing financial services as he failed to comply with a financial services law.

According to ASIC’s investigation, Hu “knowingly engaged in conduct that was likely to mislead in contravention of s1041H(1) of the Corporation Act”.

Also, the regulator found that Hu may not be adequately trained, or not competent, to provide financial services, “having demonstrated by his conduct a disregard and a misunderstanding of the rules applying to the financial services that he was providing”.

Related News:

In particular, ASIC found that Hu:

  • Caused a list supplied by the company of 158 applicants for shares incorrectly purported to be Australian residents to be forwarded to the company’s share registry;
  • Signed a statutory declaration declaring that to his knowledge… no artificial means have been used to achieve the spread requirement” when he knew or should have known that this was false; and
  • Sent emails to various persons that falsely represented that the minimum subscription requirement had been met.

Hu, who was AFS Capital’s director between 8 April 2010 and 18 April 2017, has a right to apply to the Administrative Appeals Tribunal for review of ASIC’s banning order.




Related Content

Key changes at GSFM

Grant Samuel Funds Management (GSFM) has appointed chief executive, Andrew McKinnon, as executive chair of the GSFM board, replacing outgoing non-exec...more

CBA to axe 150 QLD back office jobs

The Commonwealth Bank (CBA) is sacrificing its most important asset, its staff, to maintain dividends to shareholders, the Finance Sector Union (FSU) ...more

ANZ Wealth launches insurance video series

ANZ Wealth has released a video series designed to support advisers and superannuation funds in helping their clients understand how they can utilise ...more

Author

Comments

Add new comment