ASIC bans Tricom adviser
A Brisbane man, who was a former client adviser with Tricom Futures Services, has been banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
Roy Ho has admitted that between 1 January, 2008 and 24 October, 2008, he used nine clients’ trading accounts at Tricom, now known as Stonebridge, to place buy and sell orders for shares on the Australian Securities Exchange without permission.
ASIC found that Ho was in breach of the Corporations Act when he continued to trade on accounts operated by one client despite being asked to stop by the client and agreeing not to trade any further.
ASIC found Ho further breached the Act when he falsified order entries in Stonebridge’s order system indicating he had received instructions from clients regarding the trading, when in fact he had not.
Ho now has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
In a statement, ASIC Commissioner Belinda Gibson said ASIC intended to focus more on the issue of unauthorised trading in the broking industry when it assumes responsibility for market supervision later this year.
Recommended for you
The Australian financial advice industry has risen by more than 20 advisers this week, with nearly half joining WT Financial and Sequoia.
Two financial advice professionals have shared their tips for success when building an effective Professional Year program as more advisers look to bring on junior staff to their practices.
Numbers are in for 2024, with Wealth Data confirming how many advisers left during the calendar year and which business models saw the largest growth in terms of new licensees.
Praemium has seen its highest net inflows in over two years for Q2 FY25 as its Powerwrap platform returns to inflows after five consecutive quarterly outflows.
