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.
“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.
Dishonest? Yes, practicing? no. Already banned? yes. Fair? Yes.
Multiple counts of dishonest conduct by bank and insurance company executives admitted and uncovered in the Royal Commission? Yes. Any executives charged with dishonest conduct, banned or even individually fined by ASIC? Noooo!
this guy hasn’t been a financial planner since 2006 (that’s not a typo) yet ASIC has banned him for 7 years??? hmm, so you are banning him from a licensing regime which he isn’t licensed under? IFA, please do some more digging.
Dishonest adviser. Of course if a bank did this they would not get in any trouble at all
Fraud is alleged. If proven, jail time. If jailed, use liquid soap! And good riddance
Another dishonest adviser showing clearly that “EDUCATION AND COURSE completion” has absolutely NOTHING to do with quality advice and morals.
Fail, FPA, fail!. I imagine he had his AFA/FPA membership and studies up to date.
What a joke.