Australian regulator ASIC informed the public today of its decision to ban Mr David Stephen Cornford of Centennial Park, New South Wales, from providing financial services for a period of 6 years. Cornford was employed as an adviser at Kaz Capital Pty Ltd between 2014 and 2017.
According to the regulator, Cornford was:
- buying and selling listed securities on clients’ accounts without the authorisation to do so; and
- trading Contracts for Difference (CFDs) in a personal capacity, in a manner that conflicted with the interests of his clients.
Cornford had taken part in transactions that had the effect of creating or maintaining an artificial price for trading in shares. He also did acts, causing the creation of a false or misleading appearance with respect to the market for, or the price for trading in, shares.
Cornford provided a financial service when the Australian financial services licence of Kaz Capital, where he was employed at the time, but did not cover the provision of the service.
Cornford has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.