Sydney former adviser banned for six years

kaz capital banning adviser ban regulation share market david stephen cornford ASIC australian securities and investments commission

16 May 2019
| By Hannah Wootton |
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The Australian Securities and Investments Commission (ASIC) has banned a Sydney man, formerly an adviser at Kaz Capital, from providing financial services for six years, after finding that he had attempted to mislead the share market regarding prices.

Specifically, the regulator found that David Stephen Cornford had attempted to mislead the share market, taking part in both transactions that created or maintained an artificial trading price for shares, or were likely to, and acts that created, or were likely to, a false or misleading appearance to the market for shares or their prices.

ASIC also found that Cornford had provided a financial service that the licence of Kaz Capital didn’t cover when he was employed there from 2014 – 2017. This came in the wake of ASIC imposing licence conditions on Kaz Capital earlier this year, following concerns about the adequacy and effectiveness of its compliance framework.

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