ASIC has announced it has banned former Armada Capital and Radar Iron director Ananda Kathiravelu from providing financial services for three years after he was previously convicted for market manipulation offences.
Mr Kathiravelu was convicted in the Supreme Court of Western Australia in February last year for conspiring to manipulate the market for Radar Iron shares traded on the ASX between 12 May 2016 and 17 May 2016.
The court sentenced Mr Kathiravelu to 12 months’ imprisonment and he was released on recognisance in the sum of $10,000.
“In banning Mr Kathiravelu, ASIC found that Mr Kathiravelu had not complied with financial services law and was involved in the contravention of a financial services law by another person,” ASIC said.
Under the ban, ASIC said that Mr Kathiravelu is prevented from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business.
ASIC noted that Mr Kathiravelu has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
