Is this the same Michael Kwong who used to be a broker with Macquarie?
Bad luck!!
BTW I could be wrong but I am pretty sure he used to post on HC as Mikee88 in the dotcom boom.
>>> Former Victorian securities dealer permanently banned 28-Oct
Mr Michael Kwong of Malvern East, Victoria, has been permanently banned from doing any act as a representative of a dealer or an investment adviser, following an investigation by the Australian Securities and Investments Commission (ASIC).
The banning order was made after ASIC found that Mr. Kwong had not performed efficiently, honestly and fairly the duties of a representative of a securities dealer and may not in the future perform efficiently, honestly and fairly the duties of a representative of a securities dealer.
Between January 2002 and May 2003, Mr. Kwong was an authorised representative of Smith Barney Citigroup Australia Pty Ltd, a licensed securities dealer and stockbroker.
Smith-Barney terminated Mr. Kwong's employment in May 2003, when it became aware that Mr. Kwong had been conducting discretionary trading in shares and options on two client accounts in breach of the Smith-Barney compliance guidelines.
Smith-Barney reported its findings to ASIC. Subsequent investigations by ASIC found evidence to substantiate these findings. ASIC also found evidence indicating that Mr Kwong had opened a client account in a false name using a fake driver's licence.
Mr Kwong consented to the permanent ban, while making no admissions in relation to his conduct. The ASIC investigation is continuing.
Investors can check whether an investment adviser or securities dealers has been banned from the industry at ASIC's website www.fido.asic.gov.au. >>>
