Securities dealer charged over stock manipulation
The Australian Securities and Investments Commission (ASIC) has charged Allan Edward Gooderham with market manipulation offences relating to share trading.
Gooderham was charged with creating a false or misleading appearance of active trading in shares of telecommunications company Australian Authorised Investments (AAI), while the company traded on the ASX between October 1997 and September 1998.
During this period, ASIC alleges, Gooderham placed orders to trade more than two million AAI shares with people and entities associated with himself.
Gooderham was an affiliate of the ASX and a director of licensed securities dealer Epic Securities Limited in Melbourne. Gooderham acted as a representative of Epic from March 1993 to October 1998.
In April 1999, Gooderham agreed to take an enforceable undertaking in which he agreed to being banned from acting as a representative of a securities dealer or investment adviser for six years, following ASIC's investigations into AAI share trading.
No plea was entered, and the matter will go before the Melbourne Magistrates Court on April 26.
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
