A QUEENSLAND financial planner who manipulated the unit price of Prime Retirement and Aged Care Property Trust (Prime Trust) has been banned by the Australian Securities and Investments Commission.
Shaun Bruce Bond of Indooroopilly has been banned from providing financial services for five years.
Bond, 36, is the sole director of Strategic Wealth Advice Pty Ltd based in
On November 21 2007, ASIC said Bond took part in two or more transactions that had the effect of creating an artificial price for units in PTN.
The Australian Securities Exchange referred this matter to ASIC.
Bond placed a sell order for 300,000 of PTN units on his own behalf at $1.00. He then placed a buy order which was subsequently amended on behalf of a number of clients of Strategic Wealth Advice Pty Ltd for 2.5 million PTN units at market price where the then trading price was $0.89. This buy order eventually met Bond’s sell order. After Bond’s units were sold, the existing buy order was cancelled.
Australian Property Journal
