Banned adviser pleads guilty
Banned financial adviser, Mark Damion Kawecki, has pleaded guilty to two counts of dishonest conduct relating to meeting the minimum spread requirement for companies seeking to be admitted to the Australian Securities Exchange (ASX).
The Australian Securities and Investments Commission (ASIC) said the former Victorian adviser, who was banned in 2018, pleaded guilty to two counts of dishonest conduct contrary to s1041G of the Corporations Act 2001, namely:
- Engaging in dishonest conduct in relation to the submission of applications for shares containing false information about the applicant’s address to the share registry for three entities seeking admission to the ASX official list between about 19 January 2015 and 23 December 2016; and
- Engaging in dishonest conduct in relation to the submission of applications for shares and a table of applications for shares containing false or misleading information about the beneficial holder of shares to the share registry for a company seeking admission to the ASX official list and to a stockbroker assisting an entity’s re-admission onto the ASX official list between about 23 January 2015 and 9 July 2015.
ASIC said each offence carried a maximum penalty of 10 years imprisonment or a fine of up to 4,500 penalty units of both.
Under ASX listing rules, a firm must meet the minimum spread requirement before its shares can be quoted and traded on the ASX to ensure some liquidity and quality.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
