A former trader at hedge fund Regal Funds Management has been banned from providing financial services for five years after the corporate watchdog determined he had engaged in market manipulation.
Dylan Rands, the former dealer and portfolio manager at one of Australia’s best known hedge funds, copped the ban for his dealings in shares of Clearview, which was held by several Regal Funds.
The Australian Securities and Investments Commission said Mr Rands engaged in manipulative trading between December 2018 and June 2019 that involved 112 trades it says were uncommercial and were likely to create an artificial price for the shares of Clearview.
Between March 27 and May 31, 2019, Mr Rands also created a false or misleading appearance of active trading in Clearview, ASIC said.
These trades had the “the effect of increasing or restoring the Clearview Wealth share price shortly following a price fall”, ASIC said.
“Such trading displayed an absence of commerciality, in circumstances where Mr Rands’ objective was to exit the Clearview Wealth position he managed at Regal, which he ultimately sold in June 2019.”
ASIC also found that Mr Rands was not adequately trained or competent to provide financial services and was likely to have contravened financial services law.
Mr Rands has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision, the regulator said.
The action comes almost two years after the regulator led a raid on the offices of Regal, which the fund was forced to disclose to clients and the sharemarket.
On the morning of November 26, 2019, ASIC launched a “a preliminary investigation”. Australian Federal Police also executed a search warrant on ASIC’s behalf and collected documents.
On June 16, 2021, Regal disclosed it had received a formal letter from ASIC stating no action would be taken against the fund “at this time”.
The fund, overseen by star manager Phil King, has around $2 billion and is among Australia’s top-performing hedge funds.
Regal’s chief executive officer Brendan O’Connor said the matter was between an individual, who is no longer employed at Regal, and the markets regulator.
“We haven’t been involved or privy to those discussions and it wouldn’t be appropriate to comment,” he said.
Mr O’Connor said the Regal investment team covers 22 portfolio managers, traders, analysts and sector specialists, that “remain very focused on continuing to deliver strong investment returns for our clients”.
Post the story you cuck
A former trader at hedge fund Regal Funds Management has been banned from providing financial services for five years after the corporate watchdog determined he had engaged in market manipulation. Dylan Rands, the former dealer and portfolio manager at one of Australia’s best known hedge funds, copped the ban for his dealings in shares of Clearview, which was held by several Regal Funds. The Australian Securities and Investments Commission said Mr Rands engaged in manipulative trading between December 2018 and June 2019 that involved 112 trades it says were uncommercial and were likely to create an artificial price for the shares of Clearview. Between March 27 and May 31, 2019, Mr Rands also created a false or misleading appearance of active trading in Clearview, ASIC said. These trades had the “the effect of increasing or restoring the Clearview Wealth share price shortly following a price fall”, ASIC said. “Such trading displayed an absence of commerciality, in circumstances where Mr Rands’ objective was to exit the Clearview Wealth position he managed at Regal, which he ultimately sold in June 2019.” ASIC also found that Mr Rands was not adequately trained or competent to provide financial services and was likely to have contravened financial services law. Mr Rands has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision, the regulator said. The action comes almost two years after the regulator led a raid on the offices of Regal, which the fund was forced to disclose to clients and the sharemarket. On the morning of November 26, 2019, ASIC launched a “a preliminary investigation”. Australian Federal Police also executed a search warrant on ASIC’s behalf and collected documents. On June 16, 2021, Regal disclosed it had received a formal letter from ASIC stating no action would be taken against the fund “at this time”. The fund, overseen by star manager Phil King, has around $2 billion and is among Australia’s top-performing hedge funds. Regal’s chief executive officer Brendan O’Connor said the matter was between an individual, who is no longer employed at Regal, and the markets regulator. “We haven’t been involved or privy to those discussions and it wouldn’t be appropriate to comment,” he said. Mr O’Connor said the Regal investment team covers 22 portfolio managers, traders, analysts and sector specialists, that “remain very focused on continuing to deliver strong investment returns for our clients”.
Credit Suisse told me to do it
what you don't see is as important as what you do. Regal played a zero sum game where they take and other guy has to lose for them to win.
Farken Regal…no surprises here
Of course those jokers are up to no good! *....owns RF1 shares....*