The corporate watchdog has permanently banned former Hogan and Partners Stockbrokers employee Jonathan Kur after he lost more than $9 million of clients' money.
Hogan and Partners, a long-running Perth brokerage, ceased business on 20 December 2008, two days after Mr Kur resigned.
The Australian Securities and Investment Commission found that Mr Kur, an options dealer, had misled clients and encouraged them to trade in options by publishing information he knew to be false.
The watchdog also found he had acted contrary to his clients instructions.
Mr Kur has the right to appeal to the Administrative Appeals Tribunal.
The announcement is below:
ASIC has permanently banned Mr Jonathan Kur, of Dianella, Western Australia from providing financial services.
This follows an ASIC investigation into Mr Kur's conduct as an authorised representative of Perth based stockbrokers Hogan and Partners Stockbrokers Pty Ltd (Hogan's).
Mr Kur provided advice in relation to options trading and dealing in options trading for a number of overseas based clients.
ASIC found that Mr Kur:
a. engaged in misleading or deceptive conduct in relation to a financial service;
b. induced clients to trade in options by publishing a statement he knew was false;
c. acted contrary to his clients instructions; and
d. engaged in dishonest conduct in the provision of financial services.
As a result of Mr Kur's conduct, Hogan's' clients lost more than $9 million. Mr Kur resigned from Hogan's on 18 December 2008 and Hogan's ceased business on 20 December 2008.
The banning sends a very strong message to the community that this kind of behaviour is unacceptable.
Mr Kur has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC Website: Printed 10/07/2009
