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AD09-48 ASIC bans broker for spreading misleading information

Monday 23 March 2009

ASIC has banned Richard John Macphillamy, 32, of Bondi, New South Wales, from providing any financial services for 18 months.

ASIC banned Mr Macphillamy after finding he did not comply with a financial services law (section 1041H of the Corporations Act 2001) when he spread false and misleading information about Macquarie Group Limited (Macquarie) and the Macquarie Cash Management Trust (CMT) while working as a representative of Linwar Securities Pty Ltd.

On 17 September 2008, Mr Macphillamy composed and sent e-mails to 32 traders at a number of financial institutions in Australia and overseas. The emails represented there was a run on the CMT that had adversely affected Macquarie’s ability to meet withdrawals, and that when news of this became known it could result in a halving of Macquarie's share price overnight. This was untrue.

ASIC’s delegate found that, given the turmoil then prevailing in financial markets, Mr Macphillamy’s conduct was rash, ill-judged and wholly inappropriate. In Mr Macphillamy’s favour is the fact that there is no evidence that he had any dishonest purpose or manipulative behaviour.

This matter arose out of investigations into rumourtrage in the course of Project Mint.

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

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