ASIC has announced it has banned former Armada Capital and Radar Iron director Ananda Kathiravelu from providing financial services for three years after he was previously convicted for market manipulation offences.
Mr Kathiravelu was convicted in the Supreme Court of Western Australia in February last year for conspiring to manipulate the market for Radar Iron shares traded on the ASX between 12 May 2016 and 17 May 2016.
The court sentenced Mr Kathiravelu to 12 months’ imprisonment and he was released on recognisance in the sum of $10,000.
“In banning Mr Kathiravelu, ASIC found that Mr Kathiravelu had not complied with financial services law and was involved in the contravention of a financial services law by another person,” ASIC said.
Under the ban, ASIC said that Mr Kathiravelu is prevented from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.
ASIC noted that Mr Kathiravelu has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
So you’re convicted by a Supreme Court of market manipulation (possibly one of the most serious financial crimes after theft & fraud) and receive a 3 year ban by ASIC….though ASIC have also banned Advisers for 3 years for sending FDSes late on the instructions of the Adviser’s Dealer Group? When is someone in government going to wake up and smell the roses and actually do something about regulating the regulator? Or simply replacing their incompetence with staff who actually have some idea as to what they’re doing?
The Government is trying … really they are… but they cant afford all the tax advice the the applicants are asking for….::lol:
Stop fretting about what you cannot control. Simply do what is required and enjoy the increase in demand and fees as the number of competing advisers dwindles.
SPOT ON – Government gives the wron doers a slap on the wrist, whilst in the above example, sending FDSes late could be completely accidental and cop the same penalty.. ASIC know their stuff….
10K gets you out of jail for a year … good value! … makes speeding tickets seem WAY over priced. they should privatise that!
Market manipulation= 3 year ban from providing financial services advice. Seems a bit light one end to me! ?
Not sure how a simple adviser can ‘manipulate the market ‘ for 3 days – sounds like an exaggeration for a simple misdemeanour