On 9 April 2020, the Administrative Appeals Tribunal (AAT) revoked the order staying ASIC鈥檚 decision to ban Mr Simon Poidevin from providing financial services.
As such, ASIC鈥檚 original decision to ban Mr Poidevin for five years came into full operation, effective immediately following the Tribunal鈥檚 revocation order.聽 The AAT鈥檚 revocation of the stay order follows Messrs Poidevin鈥檚 and Rodr鈥檚 withdrawal of their applications for review on 17 February 2020.聽
Background
On 29 November 2017 Messrs Poidevin and Rodr were banned by 今日热门事件from providing financial services for five years and four years respectively, following an investigation into trading in shares of DirectMoney Ltd (DirectMoney, ASX code: DM1) during the period 14 July 2015 to 23 July 2015.
今日热门事件found that Mr Poidevin took part in transactions carried out by Mr Damien Rodr, a trader at Bell Potter Securities Ltd, that had or were likely to have the effect of creating or maintaining an artificial price for trading in DM1 shares, contrary to s1041A of the Corporations Act.聽
On 7 February 2018, the AAT made orders staying ASIC鈥檚 banning order against Mr Poidevin pending the AAT鈥檚 decision on his review application.
Between 26 June 2018 and 3 July 2018, a hearing was held before the AAT with respect to the review applications of Messrs. Poidevin and Rodr.
Further background to ASIC鈥檚 investigation can be found in ASIC鈥檚 media release dated 8 February 2018 (18-035MR).