ASIC has banned a former Kaz Capital adviser from providing financial services for six years following trading and selling concerns.
David Cornford from NSW will be unable to provide financial services for six years after ASIC found that he had taken part in transactions that had or were likely to have the effect of creating or maintaining an artificial price for trading in shares.
ASIC’s concerns related to Mr Conford’s time at Kaz Capital between 2014 and 2017 and were related to buying and selling listed securities on clients’ accounts without authorisation and trading contracts for difference in a personal capacity that conflicted with client interests.
Ultimately, ASIC also found that Mr Cornford's actions had or were likely to have the effect of creating or causing a misleading appearance with respect to the market for or the price for trading in shares.
The commission also found Mr Cornford provided a financial service which the AFSL of Kaz Capital did not cover the provision of.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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