concerns, page-5

AD09-141 Former Findlay broker banned for seven years

Wednesday 12 August 2009


ASIC has banned Mr Jeremy Slater, of Elizabeth Bay in New South Wales from providing financial services for seven years.

This follows an investigation into Mr Slater’s conduct while he was a broker at Findlay & Co Stockbrokers Ltd. The investigation revealed Mr Slater had engaged in market manipulation, misleading and deceptive conduct and unauthorised discretionary trading.

It found that his trading created an artificial price for shares in resources group Jutt Holdings Ltd (now known as Venturex Resources Ltd).

ASIC alleged that, between June 2007 and October 2007, Mr Slater placed several small volume trades which caused an increase in Jutt Holdings’ share price. Mr Slater then executed large volume cross trades between his clients at the inflated price.

ASIC also found that throughout the course of his employment at Findlay, Mr Slater had undertaken discretionary trading contrary to the provisions of Findlay’s Australian financial services licence (AFS licence). ASIC determined that Mr Slater allowed his clients to believe he was authorised to conduct such trading and did not make Findlay aware that it was in breach of its AFS licence.

Mr Slater was a stockbroker with Findlay from September 2003 to September 2008.

Mr Slater has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal