Business
Melbourne man found guilty of lying to ASX – Motley Fool Australia
He was caught trying to manipulate ASX IPO requirements. Now he’s disqualified from managing corporations for 5 years and $30,000 poorer.
A Melbourne man has been convicted of dishonest conduct after he was found manipulating the criteria for companies seeking to be listed on the ASX.
In the first criminal prosecution of this kind, Mark Damion Kawecki of Frankston, Victoria has been banned from managing corporations for five years and fined $30,000.
Under ASX rules, a company must have a minimum number of unrelated shareholders before it can be listed. This “spread requirement” is to demonstrate sufficient investor interest and a…
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