AAT upholds ASIC bans of client advisers for trading in MINI warrants

AAT upholds ASIC bans of client advisers explained by professional Forex trading experts the “AAT upholds ASIC bans of client advisers” FX trading team.

AAT upholds ASIC bans of client advisers

The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to ban a former financial advisor, Tony Davidof, and former Credit Suisse employee, Philip McLean from providing financial services for three years.

ASIC’s decision to ban Mr Davidof and Mr McLean followed an ASIC investigation that found both had engaged in manipulation of the price of MINI warrants issued by Credit Suisse (commonly called ‘MINIs’) through engaging in pre-arranged trades for the sole or dominant purpose of transferring a profit or loss from previous transactions. MINIs are a type of derivative product traded on the ASX.

In separate decisions, the AAT noted the seriousness of the breach of the market manipulation provisions by both Mr Davidof and Mr McLean.

Market manipulation is prohibited in order to further the objects of promoting confident and informed decision making by consumers of financial products and services, and fair, orderly and transparent markets for financial products,’ the AAT said.

AAT upholds ASIC bans of client advisers Conclusion

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