The Australian Securities and Investments Commission (ASIC) said it had banned Dylan Christopher Rands from providing financial services for five years for engaging in market manipulation. Mr. Rands is a former portfolio manager at Regal Funds Management Pty Ltd, which manages investment funds.
ASIC found that Mr Rands was involved in the manipulative trading of shares of Clearview Wealth in violation of the Corporations Act. He bought shares in Clearview Wealth, increasing their price shortly after it fell. ASIC finds that Mr. Rands did so solely for the purpose of selling the shares he managed at a higher price. In the end, he did just that in June 2019.