ASIC bans Gold Coast financial adviser for 6 years

An ASIC delegate found Rodney Peters of Mudgeeraba represented to clients that he had authority to engage in discretionary trading when this was not the case.

Mr Peters was previously a director of Australian Share Registry (ASR), and both he and ASR were authorised representatives of Pulse Markets between March 2015 and May 2016.

Pulse was not authorised to engage in discretionary trading, but only to provide general advice and to trade in equities (options) and derivatives, ASIC said.

The delegate determined that Mr Peters, in engaging in excess of 1,000 options trades on behalf of a number of clients between April 2015 and April 2016, had not complied with financial services law.

ASIC also found that Mr Peters was aware that he could not engage in discretionary trading but decided to do so, and further that his conduct was likely to cause clients to assume that he did have authority to engage in this kind of trading.

Mr Peters has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.