An accountant has been banned from providing financial services for six years after some suspect moves with shares.
The Perth-based accountant, Keith Douglas Bowker, was investigated by ASIC for his conduct between November 2016 and March 2017.
According to a statement from ASIC, Mr Bowker during that time applied for and sold shares, purportedly for his clients, in two companies that subsequently listed on the ASX.
The corporate regulator spotted the activity, as a result of investigations into the provision of shareholder spread through artificial means.
The ASX Listing Rules set out the minimum requirements that must be satisfied for a company to list its securities on the ASX. One of these conditions includes that a company must have at least 300 shareholders, which is the the minimum spread requirement.
The corporate regulator said that it found Mr Bowker had:
• Applied for and sold shares on behalf of other people without their knowledge and/or consent;
• Knowingly provided false information to these companies which was then provided to the ASX so that the companies could meet the ASX minimum spread requirement for admission to the ASX official list;
• Engaged in conduct relating to a financial product that was misleading or deceptive, or was likely to mislead or deceive;
• Contravened a financial services law.
Mr Bowker may apply to the Administrative Appeals Tribunal for a review of the decision.
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