23/09/2015 - 14:15

ASIC slaps DJ Carmichael with fine

23/09/2015 - 14:15

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The corporate watchdog has fined Perth stockbroking firm DJ Carmichael $300,000 for actions undertaken by one of its former employees in 2011.

ASIC slaps DJ Carmichael with fine

The corporate watchdog has fined Perth stockbroking firm DJ Carmichael $300,000 for actions undertaken by one of its former employees in 2011.

The Australian Securities and Investments Commission found that DJ Carmichaelhad failed to comply with an integrity rule regarding manipulative trading.

“The penalty imposed was for DH entering bids and dealing with a product for a client where DJ Carmichaelintended to create a false or misleading appearance with respect to the price of that product,” Asic said in a statement.

Last year, Asic found that 20 orders placed on the ASX by DJ Carmichael client adviser James Pearson as part of an on-market buyback of units in the LinQ Resources Fund were for another purpose.

Between May 12 and July 15 in 2011, Mr Pearson was found to have placed the orders late in the day, causing the closing share price of LinQ to be relatively high, which then created a misleading appearance in the company’s share price.

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