State One Stockbroking did 193 trades on ESI last month! :eek:...

State One Stockbroking did 193 trades on ESI last month!   
ASIC is weighing legal action against State One. Jim Rice
* by Sarah Thompson  Anthony Macdonald  Joyce Moullakis
The corporate regulator is weighing legal action against State One Stockbroking for alleged unprofessional conduct by one of the firm's traders, sources told Street Talk.
The matter is said to relate to a trader at the firm creating a false and misleading market in securities, which contravenes rules that stipulate a market participant must not participate in "unprofessional conduct."
The potential court action is being pegged as a breach of the Australian Securities and Investments Commission rule 2.1.5 section (1). State One, which has offices in Sydney and Perth, did not respond to requests for comment.  
A contravention of that specific rule carries a maximum penalty of $1 million. State One has market share across the ASX and Chi-X of 0.15 percent, which means the firm has a larger trading presence this year than Euroz and a similar proportion to Moelis.  
An ASIC spokesman declined to comment.

Street Talk understands State One contested the matter and refused to pay a more than $400,000 fine issued by ASIC's Markets Disciplinary Panel.
The well regarded market disciplinary panel - which is equivalent to the takeovers panel in dealmaking - is a peer review group that rules on matters that relate to potential contraventions of market rules.
Stockbrokers typically agree to a fine and pay it within 28 days if found guilty. In the past two months, Macquarie Securities and Credit Suisse equities have been issued fines relating to market infringements.
Those were of a smaller magnitude, however, and came in at $120,000 for Macquarie and $74,000 for Credit Suisse.
For State One, this new battle is not the first time the firm - which is an ASX market participant and operates in stockbroking and advisory services  - has fallen foul of market cops.
In 2009, State One had a blow up with the ASX over "manipulative trading" that created a false and misleading appearance to the market as a result of four non-genuine bids made by the firm's traders. An appeal by State One failed and saw the firm hit with fines of $235,000 plus GST.
The stockbroking industry and private wealth sector has been in ASIC's sights even more so in the past 18 months, following enforceable undertakings at firms including Morgans Financial and Bell Financial Group. Those undertakings followed the high profile collapse of Sydney-based firm BBY in 2015, after the firm had several run-ins with the ASX and failed to repay loans to lender St George nr.4 on the list is State One Stockbroking, 193 trades!!!!