ASIC bans convicted former director
Western Australia-based convicted former director of Radar Iron Limited and Armada Capital, Ananada Kathiravelu, has been banned for three years by the corporate regulator from providing financial services, following market manipulation offences.
The Australian Securities and Investments Commission (ASIC) said Kathiravelu was convicted in the Supreme Court of Western Australia in February 2021 for conspiring to manipulate the market for Radar Iron shares traded on the Australian Securities Exchange (ASX) between 12 May, 2016, and 17 May, 2016.
Kathiravelu was sentenced to imprisonment for 12 months and released on recognisance in the sum of $10,000.
According to ASIC, Kathiravelu had not complied with financial services law and was involved in the contravention of a financial services law by another person.
The ban prevented Kathiravelu from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.
Kathiravelu was an authorised representative and responsible person under Armada Capital’s Australian financial services (AFS) licence.
He had the right to appeal to the Administrative Appeals Tribunal (AT) for a review of ASIC’s decision.
AUTHOR
Oksana Patron
Recommended for you
ASIC has launched court proceeding against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
