A former director of a Melbourne-based investment banking securities dealer and asset management firm was banned from providing financial services by ASIC.
Bingxing Hu was banned for five years after an ASIC investigation found he knowingly engaged in conduct likely to mislead during his time as a director of AFS Capital Securities, which he commenced on 8 April 2010.
The investigation focused on Hu's conduct while the firm was lead-managing a listing on the ASX by a company between 4 August 2014 and 4 June 2015.
The regulator found that Hu caused a list of 158 applicants for shares incorrectly listed as Australian residents to be forwarded to the company's share registry; signed a statutory declaration claiming no artificial means were used to achieve a spread requirement when he knew or should have known this was false; and sent emails to a number of people falsely representing that the minimum subscription requirement had been met.
Hu remained as a director of AFS Capital until 18 April 2017.