Former adviser charged with dishonest conduct

ASIC has charged a former financial adviser and consultant with five counts of dishonest conduct with each offence carrying a maximum penalty of 10 years’ imprisonment.

Mark Kawecki of Frankston Victoria has been charged with five counts of dishonest conduct by ASIC for allegedly engaging in dishonest conduct between January 2015 and December 2016.

In June 2018 ASIC banned Mr Kawecki from providing financial services for a period of seven years following its investigation into the conduct.

The ASIC investigation alleged that when applying for shares in companies that were undertaking IPOs Mr Kawecki submitted false or misleading information in the applications.

This information related to the beneficial holder of the shares and information about the applicant’s address with ASIC alleging that it interfered with the minimum spread requirement.

Each company must meet a minimum spread requirement before shares can be quoted or traded on the ASX and by utilising false names or address, ASIC alleges that Mr Kawecki tried to satisfy the minimum spread through artificial means.

Advertisement
Advertisement

"ASIC considers attempts to satisfy the minimum spread requirement through artificial means as serious misconduct which interferes with the integrity of our markets," said ASIC commissioner Cathie Armour.

Each offence carrying a maximum penalty of 10 years’ imprisonment and/or a fine of up to 4,500 penalty units.

Former adviser charged with dishonest conduct
default
ifa logo
Eliot Hastie

Eliot Hastie

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]

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.