ASIC has banned a former Sydney dealer and portfolio manager after he was found to have engaged in market manipulation.
Dylan Christopher Rands, who worked at Regal Funds Management, was issued a five-year ban from providing financial services on Wednesday.
Mr Rands was found to have engaged in manipulative trading in relation to ClearView Wealth shares, which he managed trading for as part of his role at Regal, between December 2018 and June 2019.
Mr Rands entered into 112 uncommercial transactions “which created, or were likely to create, an artificial price for the shares of ClearView Wealth”, and on 27 March 2018 and 31 May 2019, he created a false or misleading appearance of active trading in ClearView Wealth.
“Mr Rands’ pattern of trading involved purchasing ClearView Wealth shares which had the effect of increasing or restoring the ClearView Wealth share price shortly following a price fall,” ASIC said in a statement.
“Such trading displayed an absence of commerciality, in circumstances where Mr Rands’ objective was to exit the ClearView Wealth position he managed at Regal, which he ultimately sold in June 2019.”
ASIC deemed that Mr Rands is not adequately trained, or is not competent, to provide financial services and perform functions as an officer of an entity that carries on a financial services business, and is likely to contravene a financial services law.
Mr Rands has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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