ASIC bans Tricom adviser
A Brisbane man, who was a former client adviser with Tricom Futures Services, has been banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
Roy Ho has admitted that between 1 January, 2008 and 24 October, 2008, he used nine clients’ trading accounts at Tricom, now known as Stonebridge, to place buy and sell orders for shares on the Australian Securities Exchange without permission.
ASIC found that Ho was in breach of the Corporations Act when he continued to trade on accounts operated by one client despite being asked to stop by the client and agreeing not to trade any further.
ASIC found Ho further breached the Act when he falsified order entries in Stonebridge’s order system indicating he had received instructions from clients regarding the trading, when in fact he had not.
Ho now has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
In a statement, ASIC Commissioner Belinda Gibson said ASIC intended to focus more on the issue of unauthorised trading in the broking industry when it assumes responsibility for market supervision later this year.
AUTHOR
Ashleigh McIntyre
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