The Australian Securities and Investments Commission (ASIC) has handed a four-year ban to a financial and futures adviser for unauthorised discretionary trading.
An ASIC investigation found that Paul Hing, who was an authorised representative of Novus Capital (formerly known as Axis Financial Group) from 2003 to 2011, failed to comply with financial services laws when servicing clients between July 2009 and July 2010.
The ASIC investigation found that Hing undertook unauthorised discretionary trading on client accounts; that he held that the trades were within the authority given to him by Novus Capital; and that he engaged in misleading or deceptive conduct by failing to inform clients or Novus Capital that trades were not authorised.
Hing’s conduct was brought to ASIC’s attention by Novus Capital, ASIC stated.
