Sydney-based broker Pawel Kulisiewicz has been banned from providing financial services for a period of three years following an ASIC investigation.
Kulisiewicz's ban follows an investigation into the Pyrmont resident's conduct while he was a broker at StoneBridge Securities.
ASIC's investigation found that on 19 November 2009, Kulisiewicz created an unapproved discretionary trading authorisation form on StoneBridge letterhead and sent it to a client, the corporate regulator said.
"In doing so, Mr Kulisiewicz engaged in misleading or deceptive conduct by holding out that it was within authority of the scope of his employment to provide discretionary trading services," it said in a statement.
"Mr Kulisiewicz thereafter conducted a number of discretionary trades on that client's account until 27 April 2010, contrary to the conditions of his employment."
ASIC deputy chair Belinda Gibson said Kulisiewicz's case demonstrated the need for stockbrokers to maintain high standards.
"ASIC is particularly concerned with unauthorised discretionary trading by brokers," Gibson said.
Kulisiewicz has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.
