Updated

The whale behind Openmarkets’ epic ASIC fine

Jonathan Shapiro and Lucas Baird

Updated Jul 6, 2023 – 4.14pm, first published at 11.56am

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Openmarkets will pay the biggest penalty the corporate regulator’s market disciplinary panel has imposed, $4.5 million, after being pinged for suspicious trading and compliance failures on multiple occasions.

The fine comes with a banning order for the broker’s former head of trading, Virginia Owczarek, from providing financial services for three years, after she accepted a $2000 payment to give stock tips to a client. The Australian Financial Review’s Street Talk column reported the client was former Pomi PTY trader and Cannon Capital director Philip Tauberman.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.