Adviser banned for trading irregularities
A Sydney-based planner has been banished form the industry for two years following theAustralian Securities and Investments Commission(ASIC) uncovering a number of client trading account irregularities.
FormerHartleysand Macquarie Equities authorised representative Andrew Paul Kingston was banned after ASIC formed the view he had not performed his duties as an authorised representative efficiently, honestly and fairly.
ASIC found that Kingston had operated discretionary trading accounts for some clients without written authorisation and had failed to maintain a register of the discretionary accounts and serially numbered records of orders placed on those accounts.
In some cases Kingston attempted to conceal these transactions from clients.
Kingston also gave preferential treatment to one client by booking trades into that client's account with a more desirable price than similar trades booked into the accounts of other clients, and had also engaged in unauthorised short-selling of securities on one occasion.
Kingston's conduct contributed to losses on the accounts of some of his clients at Hartleys, although documents revealed to ASIC reflect the money has been paid back to these clients.
Kingston has not worked in the securities industry since December 10 2002.
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