28/07/2017 - 14:45

Former Patersons dealer banned

28/07/2017 - 14:45

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The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.

Former Patersons dealer banned
The ban prevents Mr Duvnjak providing financial services for five years.

The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.

Emmanuel Joseph Duvnjak was a representative of Patersons from September 2008 to April 2017, serving as associate director of wealth management.

Asic said that, during April 2016, Mr Duvnjak executed trades on an account contrary to his client’s instructions.

“Patersons prohibited its representatives from engaging in discretionary trading on behalf of clients unless clients entered into a specific managed discretionary account product, to which the client had not,” the regulator said.

Mr Duvnjak also created ordered records on two accounts which falsely indicated he had received instructions prior to trading when he had not.

The ban prevents Mr Duvnjak providing financial services for five years, although he is able to appeal to the Administrative Appeals Tribunal.

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