Former Regal dealer banned for manipulative trades
Jonathan ShapiroSenior reporter
Sep 22, 2021 – 12.58pm
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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.”
