ASIC bans Queensland planner
The Australian Securities and Investments Commission (ASIC) has banned a Queensland financial planner from practicing for five years.
Thirty six year old Shaun Bond of Indooroopilly is the sole director of Strategic Wealth Advice, a financial planning firm based in North Queensland.
According to ASIC, on November 21, 2007, Bond took part in two or more transactions that had the effect of creating an artificial price for units in the Prime Retirement and Aged Care Property Trust (PTN).
It was alleged that Bond placed a sell order for 300,000 PTN units on his own behalf at $1, and then placed a buy order for 2.5 million PTN units at market price where the then trading price was $0.89. The order was subsequently amended on behalf of a number of his clients.
The buy order for the PTN units eventually met Bond’s sell order, and after his units were sold, the existing buy order was cancelled.
The matter was referred to ASIC after the Australian Securities Exchange discovered Bond’s actions. Bond has yet to make an appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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