Former Sanford boss banned
The former managing director and founder of online broker Sanford Securities has been banned from providing financial services in relation to securities for five years.
Bean San Goh was banned by the Australian Securitiesand Investments Commission (ASIC) last week.
An investigation by the corporate regulator found the former Sanford Securities boss had acted in a way that created a misleading perception of the price of related group Sanford Limited’s shares.
ASIC found Goh placed buy orders for Sanford Limited shares on two trading accounts held at Sanford Securities.
The incidents took place between August 23, 2000 and November 23, 2000, and between December 4, 2000 and March 27, 2001.
ASIC said in a statement last week that the orders were likely to “create a false or misleading appearance”.
“The ban follows a finding by ASIC that the placing of these orders and the resulting trades, created or intended or was likely to create a false or misleading appearance, with respect to the market for or the price of Sanford Limited shares,” ASIC said.
Sanford Securities was acquired by financial planning software provider IWL in 2003.
Goh ceased to be a director of both Sanford Securities and Sanford Limited in November 2001.
He can appeal the ban to the Administrative Appeals Tribunal.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
