ASIC: Former Brisbane client adviser banned for life

Published Thursday, 22 April 2010

Australian Securities and Investments Commission (ASIC) has announced it permanently banned a former client adviser with Tricom Futures Services Pty Ltd, now known as Stonebridge Futures Services Pty Ltd (Stonebridge), Roy Ho of Brisbane, from providing financial services.

Following an ASIC investigation, Mr Ho admitted that between 1 January 2008 and 24 October 2008, he used nine clients trading accounts at Stonebridge to place buy and sell orders for shares on the Australian Securities Exchange without permission from the authorised signatories to the accounts.

This was found by ASIC to be in contravention of section 1041G(1) of the Corporations Act. ASIC found that in one instance, Mr Ho continued to trade on accounts operated by one Stonebridge client despite being asked by the client to stop, and agreeing not to trade any further.

ASIC also found that Mr Ho further breached the Corporations Act when several entries he made in the order system mislead Stonebridge and when he falsified order entries in Stonebridge's order system indicating he had received instructions from clients regarding the trading when he had not.

Mr Ho has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.

22 April, 2010