AAT issues stay on Poidevin appeal to ASIC ban

The Administrative Appeals Tribunal has issued a stay on the banning order against a Bell Potter executive.

On 29 November 2017, ASIC banned Bell Potter managing director of corporate broking, Simon Poidevin, for a period of five years.

The regulator banned Poidevin over his involvement in the trading of DirectMoney shares between 14 July 2015 and 23 July 2015. Bell Potter was the manager and underwriter of a capital raising that saw DirectMoney admitted to the ASX on 13 July 2015.

Two weeks after DirectMoney commenced trading; Poidevin engaged in transactions with a Bell Potter designated trading representative on Bell Potter's House Account that resulted in the creation and prolonging of an artificial price.

The AAT made orders staying the banning order until its decision comes into effect. In that period, the AAT ordered Poidevin not communicate with any DTRs at Bell Potter or any other firm, or any member of the Bell Potter institutional sales division.

It also ordered that, if Poidevin, has any knowledge of or involvement in transactions where Bell Potter is trading as principal, he will ensure that he seeks prior approval for such transactions by the managing director; and such transactions only be executed by the head DTR.

The AAT further ordered that Poidevin actively and in good faith participate in compliance training conducted by an appropriately qualified provider.

Read more: Bell PotterDirectMoneyAdministrative Appeals TribunalASICSimon PoidevinBell Potter Securities
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