Expert: M.J. Aitken w/ S. Ji, V. Mollica

ASIC banned Mr Simon Poidevin, of Sydney, from providing financial services for five years following an ASIC investigation into trading in the shares of DirectMoney Ltd. Mr Poidevin, Managing Director of Corporate Broking at Bell Potter Securities Limited (Bell Potter), has been banned for five years due to his involvement in trading in DM1 shares between 14 July 2015 and 23 July 2015. Bell Potter had been the manager and underwriter to a capital raising, resulting in DirectMoney being admitted to the ASX on 13 July 2015. ASIC found that Mr Poidevin took part in transactions carried out by Mr Damien Rodr – a Bell Potter Designated Trading Representative (DTR) (Mr Rodr) on Bell Potter’s House Account, that had the effect of creating and maintaining an artificial price for DM1. Mr Poidevin filed an application for review of the banning order made by ASIC in the Administrative Appeals Tribunal (AAT).

Description: market manipulation; brokering best practice; crossings; artificial price and volume; false and misleading;