ASIC bans Sydney individual for dishonest conduct at fund manager
Sydney-based individual Andrew Jung-Woo Kim has been permanently banned from providing financial services by ASIC for engaging in dishonest conduct.
Between August 2018 and August 2021, he worked for fund manager Eight Investment Partners Pty Ltd where he engaged in dishonest conduct.
Kim used his access to securities held in the linked securities trading accounts at Eight IP to trade with his various personal share trading accounts and other accounts he controlled to make profits at the expense of the managed accounts.
ASIC found that Kim had used the managed accounts to sell securities to his private accounts, then used the managed accounts to buy back those securities at higher prices.
The incidents occurred between 29 August and 20 December 2019, and between 23 February and 21 May 2021.
Kim was found by ASIC to be unfit to provide financial services due to this dishonest conduct and destruction of evidence related to this trading.
He did not dispute the allegations.
AUTHOR
Rhea Nath
Recommended for you
Selfwealth has provided an update on the status of its scheme implementation deed with Bell Financial Group as well as whether rival bidder Svava remains in the picture.
Magellan Financial Group has reported its first half FY25 results while appointing a new chief financial officer and promoting Sophia Rahmani to chief executive.
Schroders Australia has launched two active ETFs and plans to further expand its listed range over the year ahead.
Platform Netwealth has reported its financial results for the first half of FY25, reporting an 80 per cent increase in net flows, with its CEO viewing a “huge opportunity” from private assets.
