The Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to ban a former Morgan Financial adviser for five years on the basis of misconduct.
In a statement released by ASIC yesterday, it was confirmed that the AAT upheld ASIC’s decision from July 2016 to ban former financial adviser Ryan Batros.
As reported by ifa, Mr Batros was licensed by Morgans Financial Limited between January 2012 and August 2014 and was found to have contravened financial services law.
ASIC found Mr Batros had placed “execution only” orders on the ASX 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.
MTA subsequently announced the capital-raising in an announcement to the ASX on 3 September 2014.
ASIC Commissioner Cathie Armour said, "This outcome reinforces that an adviser must not execute a client order when in possession of material non-public information such as information about capital raisings - even when following a client's direct instructions."
Mr Batros has the right of appeal to the Federal Court of Australia for a review of the AAT’s decision, ASIC’s statement said.
An advice industry body has said its members are split on the FPA’s proposal t...
The coronavirus pandemic is likely to drive an increase in M&A activity amon...
The COVID-19 crisis has had a largely positive effect on advice businesses throu...