I have written complaints to ASIC (and ASX when they were the regulators some years back), maybe 300 times in total, their responses beggar belief, they're either on the tak from the big broking houses, or dont understand how to do their jobs, here's a response from them, and one from my broker at the time comsec, i no longer trade shares as i virtually gone bust, just hoping a few dregs i have left come to life maybe years down the track. A Royal Commision into ASX "trading" by hedge funds and ASIC's inaction is totally warranted, i've got enough evidence to lock quite a few bastards up for a long time.
have a read of this email i fired off to Comsec last year, and then the story in the SMH underneath it, we retailers are playing against a stacked deck.
Attention : SENIOR MANAGEMENT OF COMSEC ACCOUNTS
To whom it may concern
I have been a Comsec client for around 7 years, and have lost nearly all my life savings on the stock market due to manipulation, which is obviously beyond comsec's control...but in this instance...COMSEC have accepted an order that i can not place, being to far away from current price. I've had 2 sell orders purge in recent times due to the falling share price, LYC and ALK.
My Lynas (LYC) order was purged recently i think i had it on at a price around the mid 80 cent range, and now they are 49c it got purged...fair enough. HOWEVER, i inquired about the sell orders currently on screen at prices ranging from 86c to a ludicrous $3.60, and was told, that in fact one of the orders, 180,000 at 96 cents, IS A COMSEC SELL ORDER ! How in God's name has that been allowed to be placed by Comsec ????? MY limit sell order would now be at around 82 cents TOPS, so why does ANOTHER COMSEC CLIENT have a special privellage over me ? I know that the order will be purged by ASX after 7pm, that's totally irrelevent, as it will be put back on first thing tomorrow morning (apparently with Comsec's blessing) How come it can be placed in the first instance ? If it was another broker, i could MAYBE accept it (reluctantly at that) but not it being a COMSEC ORDER. It's like you are turning against your own clients. It's bad enough we have to put up with the one and 2 share algo trades every second of the day manipulating the market....but this on top is just a bit too much. Please contact me at your earliest convenience, as i believe that 180k sell order is FRAUDULENT, and a prop, the person/thing who placed it is 90% certain a SHORTER. Lynas wont be hitting 96c any time soon. I know for a fact that Comsec were fined $50,000 for allowing "wash trades" in the last couple of years. It was in the paper, if i dont get a satisfactory outcome to this complaint, i will email the writer of that story in the SMH (see story below)
September 24, 2012 - 4:51PM
Chris Zappone
smh.com.au
The investment regulator has slapped Commonwealth Bank-owned CommSec with a $50,000 fine for a series of misleading trades conducted in the second half of 2010 to early 2011.
The Australian Securities & Investments Commission said today that CommSec had paid the fine in order to comply with an infringement notice by its markets disciplinary panel for 48 trades that "that allegedly interfered with the efficiency and integrity of the ASX market".
ASIC said CommSec placed 48 trades of Oaks Hotels & Resorts Limited shares that "involved no change in beneficial ownership and falsely represented 11.88 per cent on bona fide volume in (Oaks Hotels shares), creating the misleading appearance of active trading". The trades occurred between August 4, 2010, and January 20, 2011, which CommSec conducted on the account of its client.
CBA said CommSec always sought to operate within regulator guidelines and was concerned ‘‘whenever there are actions taken by our customers that could infringe those guidelines.’’
‘‘In regard to the notice issued by ASIC today, when CommSec became aware of the apparent breaches in February 2011, it reported the matter to an appropriate regulatory authority and immediately closed the customer’s associated accounts,’’ a spokeswoman for CBA said.
‘‘CommSec has fully co-operated with ASIC,’’ she said and ‘‘has also enhanced its control environment to ensure that similar incidents do not recur.’’
CommSec said that the client placed 96 orders in the shares, 48 under the account name of the client and 48 under the account name of the client's wife, which are the subject of the fines.
"The conduct on the part of CommSec appears to have been reckless," said ASIC. Three of the orders triggered filter alerts, and were sent to the designated trading representatives for review "who reviewed and approved them, despite the orders being no change in beneficial ownership" transactions, ASIC said.
"CommSec did have filters and reviews in place regarding no change in beneficial ownership orders," ASIC said. "However, the filters and reviews were inadequate as they were designed only to identify and filter NCBO transactions in which the account number was the same on both sides [of the transaction]."
"The filters and reviews were not designed to filter NCBO transactions from accounts that were connected, but had different account numbers," ASIC said.
********************************************************************************************************************************************* ATTENTION : Belinda Mai
Please forward this on to market surveylance for me, and could i once again have a receipt. Many thanks.
Hi,
Please investigate the share price manipulation late Friday afternoon June 22nd between 3.45pm and the close of trading at 4.10pm in AGS Alliance Resources
Here are the relevant trades, you will note there was a normal 20k trade at 3.14pm prior to the manipulation, which would have enabled to have the shares close at 18.5 cents. This same thing has happened numerous times in AGS over the past year in particular, and even as far back as their court case started over 2 years ago, these people Qasar/Heathgate Resources have the most to gain by keeping AGS at a low share price. Please go over the 4pm to 4.10pm trading in AGS going back to at least the start of this year and you will see a clear pattern of manipulation emerge. In your reply to me, if you find no wrong-doing here (as is always the case) could you please DEFINE what share price manipulation is for me ? Thanks in advance.
RE: Alliance Resources Ltd (AGS)
Thank you for raising your concerns with the ASX Group. ASX appreciates information that is received from investors as it assists with our function as a Market Operator.
We have reviewed trading in AGS on 22 June. As you have pointed out, AGS traded at $0.185 at 3.45pm but it traded lower at $0.18 by 3:58pm and on the closing single price auction ("CSPA) at 4:10pm, it traded at $0.175. From our review, we have not seen any indications that the trading was in breach of the ASX Operating Rules.
We note that you are concerned that the above trading may have involved manipulative trading. Any issues of possible market manipulation relates to matters that are outside of ASX’s jurisdiction. As of 1 August 2010, the Australian Securities and Investments Commission (ASIC) have responsibility for the supervision of real time trading and Market Participants. Accordingly ASX cannot assist you with the issue raised as it is outside of ASX’s jurisdiction. ASX’s responsibility as a Market Operator is to monitor and enforce compliance by Participants with the ASX Operating Rules.
Please refer to the link below to find out how you may lodge a complaint with ASIC: http://www.asic.gov.au/asic/asic.ns...ng about companies or people?openDocument#how
ASIC has further information about market supervision and market integrity which can be viewed by following this link:
