Securities dealer banned for shares manipulation
The Australian Securities and Investments Commission (ASIC) has banned former Sydney securities dealer Anton Kerstens from providing financial services for five years after he was found to have manipulated the prices shares of resources company Cauldron Energy.
ASIC found that for five months in 2012, Kerstens and his company Ark Equities supported the price of the uranium exploration company when their price was dropping.
This created a "false and misleading appearance" of the price for the shares in Cauldron Energy, which looked to influence the trading decisions of others in the market.
As the sole director of Ark Equities, Kerstens dealt with small volume trades, which resulted in many of the price increases, especially before market close. He often opened and changed orders which were never filled, and he frequently placed and deleted orders, in quick succession.
Commissioner Cathie Armour said ASIC will go after those who fudge the price or demand for shares.
"Such failures to comply with financial services laws seek to undermine the integrity of our markets, and ASIC will take action against the individuals involved."
Kerstens can appeal to the Administrative Appeals Tribunal for a decision review.
AUTHOR
Malavika Santhebennur
Recommended for you
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
As thematic ETFs gain popularity among advisers, research houses have told Money Management of their unique challenge to rate these niche products and assess their long-term viability.
Magellan Financial Group’s chief financial officer and chief operating officer Kirsten Morton is set to depart from the asset manager after more than a decade.
