ASIC orders community service for false market-on-open orders
A Roseville Chase man is completing 350 hours of community work handed down to him following an Australian Securities and Investments Commission (ASIC) investigation into dishonest uses of his position which saw him enter profitable market-on-open shares to gain financial advantage for two clients.
An employee at GAIN Capital Australia, Li pleaded guilty to two counts of dishonesty on 31 December last year, which had seen two clients obtain profits of $20,150 and $52,400 respectively.
Between 9 April and 19 June 2015, Li had used his position to manually enter 13 profitable market-on-orders in share price index (SPI) contracts for difference (CFDs) on the account of one client. Between 26 May and 10 July 2015, 38 profitable Market-on-Open Orders had been entered on the account of the other.
GAIN Capital had recovered the full amount of $72,550 from the clients’ accounts and offered the option to trade SPI CDFS at a price corresponding to that which SPI matched during the opening auction.
AUTHOR
Hope William-Smith
Recommended for you
WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial advice firms.
Sequoia Financial Group has revealed the scale of complaints lodged with the Australian Financial Complaints Authority relating to its role in the Shield Master Fund and First Guardian Master Fund collapses.
AMP chief executive, Alexis George, believes the North platform is on a forward trajectory after a period of “stagnation” and is targeting consistent quarterly growth in advisers.
The Financial Advice Association Australia has announced it will expand its approved specialisations program to broaden its range of qualification designations.
