ASIC has banned Melbourne financial adviser Richard Wade from providing financial services for five years.
Wade has been banned on the grounds that he failed to comply with a financial services law by engaging in market manipulation, while working as an authorised representative with ABN AMRO Morgans.
An ASIC investigation found that between May and September 2006, Wade received and acted on instructions to place buy orders on the Australian Securities Exchange (ASX) for shares in Genetic Technologies (GTG).
The trading was likely to create or maintain an artificial price for trading in GTG shares.
The corporate regulator found that Wade participated in 356 trades involving around three million GTG shares.
ASIC's investigation into alleged market manipulation of GTG shares is ongoing and follows a referral from the ASX.
