ASIC bans former broker for three years
Australian Securities and Investments Commission (ASIC) has banned a former Stonebridge Securities Limited broker from providing financial services for three years.
The regulator found that on 19 November 2009, Pawel Kulisiewicz sent an unapproved discretionary trading authorisation form on Stonebridge letterhead to a client.
As such, ASIC found that he had engaged in misleading or deceptive conduct because he did not have the authority to provide discretionary trading services.
Kulisiewicz thereafter conducted a number of discretionary trades on that client's account until 27 April 2010, ASIC stated.
ASIC deputy chairman Belinda Gibson said stockbrokers needed to maintain high standards as gatekeepers to financial markets and that the commission had been particularly concerned with unauthorised discretionary trading by brokers.
Kulisiewicz has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.
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