ASIC bans convicted securities adviser

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ASIC has permanently banned a former Bell Potter client adviser, saying that it was ‘necessary’, given his criminal conviction.

In August last year, Lawson Stuart Donald pleaded guilty to one charge of dishonestly using his position as an employee with the intention of directly or indirectly gaining an advantage for himself or someone else.

He received a suspended sentence of two years and six months, on the condition he enter a two-year good behaviour bond. The sentence is now being appealed by the Commonwealth Director of Public Prosecutions, who says it is ‘manifestly inadequate’.

For three years, Donald used his position at Bell Potter to rebook share trades to a total value of $1.7 million.

He rebooked profitable share trades from a client account to two accounts controlled by him then sold those shares for a profit. He also rebooked non-profitable share trades from the two accounts controlled by him to a client’s account, thereby avoiding a loss.

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