ASIC bans Ali’s broker for four years
The Australian Securities and Investments Commission has banned former Hartleys stockbroker Christopher Roderic Martin from acting as a dealer or investment adviser for four years. ASIC found that Martin had not dealt with investor Rahmet Ali efficiently, fairly and honestly.
Martin told Ali during 1997 and 1998 that he could get weekly returns of 15 to 20 per cent by share trading without risk. Martin also sold 100,000 Telstra shares without Ali's approval, “parked” Petroz shares in Ali's account, procured a loan from Ali for his father. The ASIC ban follows an April Victorian Supreme Court decision which required Hartleys to pay out $1.03 million to Ali in damages and compensation for Martin's “reckless” trading actions.