Former adviser wins ASIC ban appeal
A former financial adviser, who was banned by ASIC in 2015 for market manipulation, has seen his appeal upheld by the Administrative Appeals Tribunal (AAT).
In a statement issued in December 2015, ASIC said that Tony Davidof and a former Credit Suisse employee took part in back-to-back buy and sell trades in MINIs on the ASX after they had pre-arranged the price, volume and timing of the trade.
As a result, Mr Davidof was banned from providing financial services for three years.
Now, the AAT has upheld an appeal by Mr Davidof against ASIC’s banning decision.
The AAT found that the MINI warrants in this case were not a derivative under the Corporations Act and therefore not financial products, according to a statement.
ASIC is currently considering appealing the AAT's decision to the Federal Court, the statement said.
According to ASIC data, Mr Davidof was most recently licensed by Shaw and Partners. Prior to that, he was licensed by BBY Ltd and Macquarie Equities Limited.
In December 2016, the AAT set aside a decision by ASIC to ban former NAB adviser, Gerard McCormack.
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