Mr O’Malley has been banned from providing financial services after an ASIC investigation found he had engaged in discretionary trading on nine client accounts between February and November 2012, according to an ASIC statement.
The corporate regulator said the actions were a breach both of financial services laws and Macquarie Equities Limited (MEL) policy.
Mr O’Malley was also found to have created false records relating to the unauthorised trading activity, ASIC said.
“MEL is currently conducting a review process to compensate clients of Mr O’Malley for any losses suffered as a result of his conduct as part of a broader client remediation process which has been undertaken by MEL as agreed under an enforceable undertaking accepted by ASIC in January 2013,” the statement said.
Thanks Nackers – that is great info!!
[quote name=”Edward”]What on earth is ‘discretionary trading’?
I get the unauthorised part…[/quote]
This is when an adviser trades on a clients account without letting them know before the trade – a stockbroker must first discuss with the client what they intend to do on their account ie advise on what they are buying or selling and then trade. Unless the licensee has a MDA in place – the adviser must at all times speak to the client before they can trade on their account – there are very few people in the market that know this
What on earth is ‘discretionary trading’?
I get the unauthorised part…