Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Perth accountant slapped with six-year ban

regulation/ASIC/ban/ASIC-ban/ASX/accounting/australian-securities-exchange/australian-securities-and-investments-commission/

17 April 2019
| By Hannah Wootton |
image
image image
expand image

A Perth-based accountant has been banned from providing any financial services for six years, after the Australian Securities and Investments Commission (ASIC) found that he both contravened and was likely to again contravene a financial services law.

A subsequent appeal by Bowker to the Adminstrative Appeals Tribunal (AAT) saw the ASIC banning reduced to a period to two years with the appeal decision being announced on 6 March, 2020.

The regulator’s investigation into Keith Douglas Bowker focused on his conduct from November 2016 – March 2017, when he applied for and sold shares, purportedly for his clients, in two companies that later listed on the Australian Securities Exchange (ASX).

ASIC came across the behaviour when looking into the provision of shareholder spread through artificial means, as some companies could seek to get around the ASX Listing Rules requirement of having 300 shareholders.

The regulator found that Bowker:

  • applied for and sold shares on behalf of other people without their knowledge and/or consent;
  • knowingly provided false information to these companies which was then provided to the ASX so that the companies could meet the ASX minimum-spread requirement for admission to the ASX official list;
  • engaged in conduct relating to a financial product that was misleading or deceptive, or was likely to mislead or deceive;
  • contravened a financial services law; and 
  • was likely to contravene a financial services law.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 2 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 2 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week 4 days ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 2 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3