Securities: ASIC wins Bond appeal
Australia's ASIC has had a bit of good news: after several months of being battered in various courts and tribunals, the Australian Federal Court has restored ASIC's order banning Shaun Bruce Bond of Wakerley, Queensland from providing financial advice.
The Federal Court upheld an appeal by ASIC against the decision of the Administrative Appeal Tribunal (AAT) which set aside ASIC’s decision to ban Bond, from providing financial services.
On 26 August 2008, ASIC banned Bond for five years. This decision followed an investigation that found Bond engaged in market manipulation by taking part in two or more transactions that had the effect of creating an artificial price for shares in Prime Retirement and Aged Care Property Trust Limited. Some of those transactions involved Bond buying shares in which he had an interest on behalf of his clients. On 23 January 2009, the AAT overturned ASIC’s decision to ban Bond.
At the relevant time, Bond was the sole director and a financial planner for Strategic Wealth Advice Pty Ltd (now under external administration). He remains the responsible person under the Australian Financial Services licence held by the company.
The appeal was heard by Justice Dowsett on 12 October 2009.
On Friday 30 July 2010, the Federal Court ordered that the decision of the AAT be set aside and the proceedings be remitted to the AAT for further consideration and re-determination according to law.
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