ASIC bans Sydney individual for dishonest conduct at fund manager
Sydney-based individual Andrew Jung-Woo Kim has been permanently banned from providing financial services by ASIC for engaging in dishonest conduct.
Between August 2018 and August 2021, he worked for fund manager Eight Investment Partners Pty Ltd where he engaged in dishonest conduct.
Kim used his access to securities held in the linked securities trading accounts at Eight IP to trade with his various personal share trading accounts and other accounts he controlled to make profits at the expense of the managed accounts.
ASIC found that Kim had used the managed accounts to sell securities to his private accounts, then used the managed accounts to buy back those securities at higher prices.
The incidents occurred between 29 August and 20 December 2019, and between 23 February and 21 May 2021.
Kim was found by ASIC to be unfit to provide financial services due to this dishonest conduct and destruction of evidence related to this trading.
He did not dispute the allegations.
AUTHOR
Rhea Nath
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