ASIC nabs SA trader
A South Australian trader has pleaded guilty to dishonestly using his position to obtain over $441,000, the Australian Securities and InvestmentsCommission (ASIC) announced yesterday.
Kym Andrew Sellers, 32, pleaded guilty to 16 charges following an ASIC investigation into his actions as a designated trading representative with Taylor Collison.
ASIC alleged that Sellers, from Morphettville in South Australia, used share-trading accounts set up in another name to transfer and sell shares owned by retail clients and held in trust by Taylor Collison.
It also alleged that Sellers used his position at Taylor Collison to falsify internal records relating to the ownership of shares and created fictitious buy and sell orders that attributed the proceeds to this other account.
Sellers sold the shares in 16 separate transactions over a two and a half year period, with proceeds totalling $441,049.72.
Taylor Collison notified ASIC of the breach and repurchased the shares sold by Sellers at a cost of $492,183.67.
ASIC believes that approximately 12 clients of Taylor Collison were affected by Sellers’ actions.
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