A man who falsely held out that he was authorised to engage in discretionary trading has been banned from providing financial services for six years.
The Australian Securities and Investments Commission (ASIC) announced today that the ‘financial adviser’, Rodney Peters of Mudgeeraba on the Gold Coast, had been banned because he represented to clients that he had authority to engage in discretionary trading when this was not the case.
It said that Peters had previously been a director Australian Share Registry Pty Ltd and both he and Australian Share Registry were authorised representatives of Pulse Markets Pty Ltd between March 2015 and May 2016.
ASIC said that Pulse was not authorised to engage in discretionary trading but only to provide general advice and to trade in equities options and derivatives.
An ASIC delegate determined that Peters in engaging in excess of 1,000 options trades on behalf of a number of clients between April 2015 and April 2016 had not complied with financial services law.
ASIC found that Peters was aware that he could not engage in discretionary trading but decided to do so, and further that his conduct was likely to cause clients to assume that he did have authority to engage in this kind of trading.
The ASIC announcement said the regulator’s decision reflected its intention to remove from the industry financial advisors who do not comply with the law, so consumers could make more confident and informed decisions about their financial dealings”.
Comments
OMG another major strike for justice right ASIC? This fiend is banned and citizens will be safe again, you deserve your own Marvel movie! Idiotic and what a ASICk joke.
There is known wide spread multi-million dollar fee gouging going on in ISA funds, conflicted interests, vertical integration at its worst, KPI's all about retention and rollover done without any consideration of existing circumstances, pretentious 'general advice' that is really personal advice, skewed asset allocation that put people's money at unwanted risk, and yet ASICk joke would rather persecute the little guys like this bozo (who appears to simply be ignorant, not corrupt - great reason to destroy his livelihood!) while not even glancing at the major crimes being committed. Bit like the corrupt donut eating cop giving a skinny jaywalker a hard time, while taking graft and ignoring the big beefy crim's mugging people right next to him. Pathetic.
Right Wing Team - well said. Turns out this guy was one of theirs.
This individual was a FORMER ASIC EMPLOYEE FOR 9.5 YEARS. Worked as a "Financial Investigator".
At least he had good training and insights. Not a mistake when you work for ASIC and know the regulations, maybe make a mistake with 1 or 2 trades, but 1000? Well said right wing team, each case does not appear to be assessed on the same information rather assessed on whom is backing you or the influence that your backers yield,
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