ASIC Censures CFD Trader Via Magistrates Court for Market Manipulation
Thursday,30/01/2014|14:34GMTby
Andrew Saks McLeod
ASIC has today announced that it intends to pursue criminal proceedings against a New South Wales-based CFD trader for market abuse, with a maximum penalty of $495,000 or 10 years imprisonment.
Australia's financial markets regulator ASIC has more than demonstrated its mettle recently, resulting in its standing as a highly regarded authority internationally.
Today, the regulatory authority has announced that it has pressed criminal charges against New South Wales-based Contracts For Difference (CFD) trader for what ASIC considers to be market manipulation, which resulted in a court case being scheduled at Brisbane Magistrates' Court for January 24 this year.
The charges were brought against Kristoffer John Watts, a day-trader living in Casuarina, regarding his trading in CFDs with Austpac Resources NL and Smarttrans Holdings Ltd between 22nd of September, 2011 and 27th of March, 2012.
ASIC alleges that between September 22, 2011 and March 27, 2012, Mr. Watts entered into CFD positions in relation to Austpac Resources NL that caused 302 trades of APG shares on the ASX, which had the effect of creating a false or misleading appearance with respect to the price for trading in APG shares.
Over the 6 months, ASIC determined that Mr. Watts traded through a direct market access account. Under this model, the CFD issuer hedges its exposure to a client’s trading position by causing an equivalent position to be taken in the underlying security on the ASX.
According to ASIC's investigation, between September 22, 2011 and October 21, 2011, Mr. Watts entered into CFD positions in relation to Smarttrans Holdings Ltd that caused 82 trades of SMA shares on the ASX, which had the effect of creating a false or misleading appearance with respect to the price for trading in SMA shares.
On January 13, 2012, Mr Watts entered into CFD positions for APG that caused one trade of APG shares on the ASX, which had the effect of creating a false or misleading appearance of active trading in APG shares on the ASX.
During his initial court appearance on January 24, Mr. Watts was required to surrender his passport and accept conditional bail until the next hearing which will be at a date which has not yet been set.
In congruence with section 1 of the Corporations Act 2001, if found guilty, Mr. Watts could be subject to a maximum penalty of $495,000, 10 years imprisonment, or both.
Australia's financial markets regulator ASIC has more than demonstrated its mettle recently, resulting in its standing as a highly regarded authority internationally.
Today, the regulatory authority has announced that it has pressed criminal charges against New South Wales-based Contracts For Difference (CFD) trader for what ASIC considers to be market manipulation, which resulted in a court case being scheduled at Brisbane Magistrates' Court for January 24 this year.
The charges were brought against Kristoffer John Watts, a day-trader living in Casuarina, regarding his trading in CFDs with Austpac Resources NL and Smarttrans Holdings Ltd between 22nd of September, 2011 and 27th of March, 2012.
ASIC alleges that between September 22, 2011 and March 27, 2012, Mr. Watts entered into CFD positions in relation to Austpac Resources NL that caused 302 trades of APG shares on the ASX, which had the effect of creating a false or misleading appearance with respect to the price for trading in APG shares.
Over the 6 months, ASIC determined that Mr. Watts traded through a direct market access account. Under this model, the CFD issuer hedges its exposure to a client’s trading position by causing an equivalent position to be taken in the underlying security on the ASX.
According to ASIC's investigation, between September 22, 2011 and October 21, 2011, Mr. Watts entered into CFD positions in relation to Smarttrans Holdings Ltd that caused 82 trades of SMA shares on the ASX, which had the effect of creating a false or misleading appearance with respect to the price for trading in SMA shares.
On January 13, 2012, Mr Watts entered into CFD positions for APG that caused one trade of APG shares on the ASX, which had the effect of creating a false or misleading appearance of active trading in APG shares on the ASX.
During his initial court appearance on January 24, Mr. Watts was required to surrender his passport and accept conditional bail until the next hearing which will be at a date which has not yet been set.
In congruence with section 1 of the Corporations Act 2001, if found guilty, Mr. Watts could be subject to a maximum penalty of $495,000, 10 years imprisonment, or both.
TradingView Integrations Expand Charting Access for Institutional Platforms, With B2PRIME Adding B2TRADER Connectivity
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
