media release (17-230MR)

ASIC bans former representative of Patersons Securities Limited

Published

ASIC has banned Mr Emmanuel Joseph Duvnjak, of Carrara, Queensland, from providing financial services for five years after he engaged in unauthorised discretionary trading on one client account and created false records in relation to two client accounts. 

Mr Duvnjak was a representative of Patersons Securities Limited (Patersons) from September 2008 to April 2017. 

ASIC's investigation found that during April 2016, Mr Duvnjak executed trades on a client account which were contrary to that client's instructions. Patersons prohibited its representatives from engaging in discretionary trading on behalf of clients unless clients entered into a specific managed discretionary account product, to which the client had not. 

ASIC also found that Mr Duvnjak created order records on two client accounts that falsely indicated he had received instructions from clients prior to trading when he had not. 

As a result of Mr Duvnjak's conduct, ASIC found that Mr Duvnjak was likely to contravene a financial services law. 

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

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