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ASIC bans former securities dealer

ASIC bans former securities dealer

Reporter
— 1 minute read

The corporate regulator has banned a former Sydney-based equities trader after an investigation uncovered evidence of share price manipulation.

Anton Kerstens, a former director of North Sydney dealership Ark Equities, has been banned from providing financial services for five years, ASIC announced.

“ASIC’s investigation found that for a period of almost five months in 2012, Mr Kerstens was involved in numerous dealings through his company, Ark Equities, which had the effect of supporting the price of Cauldron Energy shares at a time their price was falling,” an ASIC statement said.

“ASIC found that these dealings created a false and misleading appearance of the price for the shares in Cauldron Energy, and were intended to affect the trading behaviour of others in the market.

“ASIC’s investigation also found that although some of Ark Equities’ clients genuinely wanted to accumulate shares in Cauldron Energy, Mr Kerstens’ dealings were not consistent with a legitimate strategy to buy the maximum amount of shares at the best price,” the statement said.

ASIC commissioner Cathie Armour said, “ASIC will pursue people who are involved in manipulating the price of 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,” she said.

 

ASIC bans former securities dealer
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