ASIC bans former adviser for five years

Ryan Batros of Melbourne was licensed by Morgans Financial Limited between January 2012 and August 2014, the regulator said in a statement.

ASIC found Mr Batros had placed on the ASX “execution only” orders that he received from clients to sell shares and options of Metals of Africa Limited (MTA), after learning of an impending capital-raising by MTA.

Following a hearing, ASIC found he had contravened financial services law.

Mr Batros has applied to the Administrative Appeals Tribunal for a review of ASIC’s banning order.