Another adviser caught in ASIC’s net
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from former Credit Suisse First Boston client adviser Anthony Casey Wilson.
The action follows an investigation by ASIC after Credit Suisse First Boston complained to ASIC that Wilson purchased shares on behalf of a client that were subsequently not paid for.
ASIC also found that Wilson engaged in discretionary trading on client accounts where certain clients had not provided any authority to conduct such trading, and failed to issue contract notes in relation to some trades.
This activity occurred between 1 December 1998 and 27 April 1999.
ASIC was of the view that Wilson had failed to perform his duties as a securities dealer in an efficient, honest and fair way.
Following negotiations between the parties, Wilson has agreed that for a period of 18 months he will refrain from discretionary trading on behalf of any clients; ensure that all trades on behalf of family and friends will be approved by a supervisor prior to execution.
Wilson says he will also engage in regular staff training; and arrange for an ASIC-approved independent consultant to regularly evaluate his compliance with this undertaking.
Wilson has also agreed that if he breaches the undertaking before the end of the 18-month period, he will be banned from working in the securities and investments industry for the balance of the 18 months.
He has agreed to inform his present and subsequent employers, and the relevant regulatory bodies, of this agreement. Wilson is presently working overseas.
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