Another successful prosecution for ASIC
A South Australian broker, who allegedly sold client-owned shares to gain more than $441,000 for his personal use, has been sentenced to four years jail on charges brought by the Australian Securities and Investments Commission (ASIC).
Kym Andrew Sellers, the former employee of Adelaide broking firm Taylor Collison, pleaded guilty to 16 charges of dishonestly using his position as a designated trading representative of the company on April 7.
ASIC alleged that Sellers used share-trading accounts set up in the name of a friend to transfer and sell overseas shares that were held on trust by Taylor Collison without any authorisation from the company or the clients who owned the shares.
According to ASIC, Sellers used falsified internal records relating to the ownership of the shares and created fictitious buy and sell orders that attributed the proceeds to a friend’s account.
The District Court made a reparation order requiring Sellers to repay Taylor Collison more than $492,000, which is the amount it spent repurchasing the shares that were fraudulently sold.
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