Adviser banned for five years
The securities watchdog has imposed a five-year ban from providing financial services on a former financial adviser, for allegedly participating in market manipulation.
According to the Australian Securities and Investments Commission (ASIC), Richard Wade, of Melbourne, failed to comply with financial services law by engaging in market manipulation.
ASIC’s investigation found that between May and September 2006, while working as an authorised representative with ABN AMRO Morgans, Wade acted on instructions to place buy orders on the Australian Securities Exchange (ASX) for shares in Genetic Technologies (GTG), in order to maintain an artificial price on the shares.
ASIC found Wade participated in 356 trades involving approximately three million GTG shares.
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