ASIC has banned a Gold Coast-based adviser from providing financial services for six years, saying the former director led clients to believe he had authority to engage in discretionary trading when he actually did not.
Rodney Peters of Mudgeeraba was a director of Australian Share Registry (ASR) and both he and ASR were authorised representatives of Pulse Markets between March 2015 and March 2016.
The regulator said Pulse was not authorised to engage in discretionary trading, but “only to provide general advice and to trade in equities (options) and derivatives”.
An ASIC delegate found Mr Peters had not complied with the law in engaging in excess of 1,000 options trades on behalf of clients between April 2015 and April 2016.
Mr Peters was determined to have conducted options trading on behalf of his clients on a discretionary basis, without their authorisation and in breach of his authorisation from Pulse.
He was also found to misrepresent that he had the authority to engage in discretionary trading.
“ASIC found that Mr Peters was aware that he could not engage in discretionary trading but decided to do so, and further that his conduct was likely to cause clients to assume that he did have authority to engage in this kind of trading,” the regulator said.
Mr Peters has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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