The corporate regulator has banned a former Sydney-based equities trader after an investigation found manipulation of share prices.
Anton Kerstens, a former director of North Sydney dealership Ark Equities, has been banned from providing financial services for five years, ASIC has announced.
“ASIC’s investigation found that for a period of almost five months in 2012, Mr Kerstens was involved in numerous dealings through his company, Ark Equities, which had the effect of supporting the price of Cauldron Energy shares at a time their price was falling," the statement said.
“ASIC found that these dealings created a false and misleading appearance of the price for the shares in Cauldron Energy, and were intended to affect the trading behaviour of others in the market.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Aug 2017O’Dwyer announces EDR panelBy Staff Reporter
- 22 Aug 2017Advisers must become ‘lifestyle coaches’: ZurichBy Jessica Yun
- 22 Aug 2017Elders signs 18th advice practiceBy Staff Reporter
- 22 Aug 2017AIA launches ‘Claims on Wheels’By Staff Reporter
- 22 Aug 2017Cost and risk hold back open APLsBy Aleks Vickovich and Killian Plastow
- 22 Aug 2017Majority of Aussies have no retirement plan: researchBy Staff Reporter
- view all