Sydney former adviser banned for six years
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.
AUTHOR
Hannah Wootton
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
