ASIC bans adviser for seven years
The Australian Securities and Investments Commission (ASIC) has banned Mark Damion Kawecki of Frankston, Victoria, from providing financial services for seven years.
An ASIC investigation found Kawecki had contravened the Corporations Act when applying for shares under the initial public offerings (IPOs) of companies.
It was found that Kawecki had provided false information regarding the identity of the beneficial holders of shares that he applied for in the name of entities he owned and controlled, and submitted share applications in which he deliberately inserted false addresses for applicants.
As well as this, the adviser knew the false information would be provided to the Australian Securities Exchange but continued to do so to ensure his share applications would count towards meeting the minimum shareholder requirement for the companies to be listed.
AUTHOR
Anastasia Santoreneos
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