‘Ex-adviser’ banned over market manipulation
An investigation by the Australian Securities and Investments Commission (ASIC) has led to a former ‘adviser' being banned from providing financial services for three years.
ASIC found that Tony Davidof engaged in manipulation of the price of MINI warrants issued by Credit Suisse, on 21 February and 3 June 2013.
"Davidof took part in back-to-back buy and sell trades in MINIs on ASX with a former employee of Credit Suisse after the pair had pre-arranged the price, volume and approximate timing of the trade," ASIC said.
"On each occasion, in the preceding days, the former employee had traded SPI Futures on behalf of Mr Davidof resulting in a loss (in February) and a profit (in June) for Mr Davidof.
"ASIC found that the prices at which Mr Davidof and the former employee arranged to trade MINIs were designed to transfer the profit/loss from all the preceding trading, without reflecting the SPI Futures that were actually traded.
"This was likely to have the effect of creating an artificial price for trading in the affected MINIs on ASX."
AUTHOR
Nicholas O'Donoghue
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
