ASIC announced on 16 May 2019 that it had banned David Stephen Cornford, a former adviser at Kaz Capital Pty Ltd, from providing financial services for six years. Cornford was identified as being from Centennial Park, New South Wales, and had worked as an adviser at Kaz Capital between 2014 and 2017.
ASIC said the banning decision followed conduct involving unauthorised trading in client accounts, personal CFD trading linked to securities traded for clients, and transactions that had—or were likely to have—the effect of creating an artificial share price or a false and misleading appearance about a market.
What ASIC said David Cornford did
ASIC’s media release did not identify the securities, ticker codes, clients, transaction dates, number of trades or any financial losses. It described the regulator’s findings in broad terms:
- Cornford bought and sold listed securities in client accounts without authorisation.
- He traded contracts for difference (CFDs) in a personal capacity in a way that conflicted with the interests of his clients.
- The CFDs he traded personally referenced the prices of securities traded for his clients.
- He took part in transactions that had, or were likely to have, the effect of creating or maintaining an artificial price for trading in shares.
- He performed acts that had, or were likely to have, created a false or misleading appearance about the market for, or trading price of, shares.
- He provided a financial service that was not covered by Kaz Capital’s Australian financial services licence.
These are serious conflicts and conduct concerns. An adviser trading personally in products linked to securities traded for clients can face questions about whether the adviser’s interests may influence—or appear to influence—client transactions.
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What the six-year ban covered
ASIC said the order banned Cornford from providing financial services for six years. The 2019 release did not give the precise commencement or expiry date.
That wording matters. It is more precise than saying that Cornford was “banned from finance” or prohibited from every job in the financial sector. The release announced a ban from providing financial services; it did not set out a general prohibition on all financial-industry employment.
ASIC’s broader power to prohibit a person from controlling or performing functions in a financial-services business was expanded by amendments that took effect on 18 February 2020. Those later powers should not automatically be used to describe the scope of a 2019 banning order.
Was Cornford criminally charged?
ASIC’s media release does not say that Cornford was criminally charged or convicted. It also does not describe the conduct as a market-manipulation offence determined by a court.
Instead, the wording reports findings ASIC made when exercising its administrative banning powers. A regulatory banning decision and a criminal conviction are different types of action and should not be presented as interchangeable.
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The release said Cornford had a right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. The release itself does not report whether an appeal was lodged or whether the ban was later varied or overturned.
What happened to Kaz Capital?
The individual ban followed separate action against Kaz Capital. On 16 January 2019, ASIC imposed additional conditions on Kaz Capital’s Australian financial services licence.
ASIC said it was concerned about the adequacy and effectiveness of the firm’s compliance framework, including its monitoring of advisers and its ability to meet obligations under the Corporations Act.
Kaz Capital had engaged an external consultant to review its compliance framework and recommend remediation. The additional licence conditions required the firm to appoint an independent expert to assess whether those recommendations had been fully implemented and were operating effectively.
ASIC described Kaz Capital as providing general financial product advice concerning certain:
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- deposit and payment products;
- derivatives;
- securities; and
- managed investment schemes.
The licence-condition release did not say that Kaz Capital itself was banned. Nor did it state that the company had been found liable for Cornford’s specific conduct. The two regulatory actions should therefore be kept distinct: one concerned Cornford’s conduct and banning order, while the other imposed conditions on Kaz Capital’s licence because of concerns about its compliance framework.
How to check the ban’s current status
The 2019 announcement does not provide enough information to confirm the ban’s current status by itself. ASIC’s Banned and Disqualified search is the appropriate place to check the recorded commencement date, end date and whether a ban is temporary or permanent.
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- Choose “Banned & Disqualified” from the drop-down menu.
- Enter Cornford’s family and given names.
- Select “Go.”
The ASIC search draws on six registers, including the Australian financial services banned and disqualified persons register, the banned securities representatives register and the banned futures representatives register.
ASIC also publishes a downloadable Banned and Disqualified Persons Dataset through data.gov.au. From 25 March 2025, ASIC changed the dataset’s update schedule from monthly to weekly, with updates issued each Tuesday.
The dataset is a point-in-time extract of ASIC register information. ASIC warns that similar records may not necessarily refer to the same person and that the information is recorded as reported to ASIC. A name match should therefore be checked against the available identifying details rather than treated as conclusive on its own.
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What investors can take from the case
The case illustrates several practical checks for anyone using a financial adviser or broker:
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches- Check the adviser’s authorisation. Ask what transactions the adviser is authorised to make and how your instructions will be recorded.
- Understand personal-trading conflicts. Ask whether the adviser or related parties trade products connected with securities being recommended or traded for clients.
- Review account confirmations. Compare each trade confirmation and statement with the instructions you gave. Query transactions you do not recognise promptly.
- Check the licence scope. An Australian financial services licence does not automatically cover every financial product or service. The relevant licence permissions matter.
- Search ASIC’s registers. Before engaging an adviser, check whether the person or firm appears on ASIC’s banned and disqualified registers and confirm the firm’s licence details.
None of these checks can guarantee that misconduct will not occur. They can, however, make unauthorised activity and potential conflicts easier to identify.
What the public record does not establish
ASIC’s release is a regulatory media statement rather than a published judgment containing a complete evidentiary record. It does not establish from the information published there:
- which securities were involved;
- which clients were affected;
- how many transactions occurred;
- the dates or values of the trades;
- whether clients suffered a particular dollar loss;
- that Cornford personally operated Kaz Capital; or
- the result of any appeal.
Those limits are important when summarising the case. The verified facts support reporting the ban and ASIC’s stated findings, but not adding specific securities, losses, criminal allegations or later appeal outcomes that are absent from the cited releases.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.FAQ
Who was banned by ASIC in the Kaz Capital case?
ASIC banned David Stephen Cornford, identified as being from Centennial Park, New South Wales. He had been employed as an adviser at Kaz Capital Pty Ltd between 2014 and 2017.
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Why did ASIC ban David Cornford?
ASIC said Cornford traded listed securities in client accounts without authorisation, traded CFDs personally in a way that conflicted with client interests, participated in conduct affecting the appearance or price of share markets, and provided a financial service outside the scope of Kaz Capital’s licence.
When did the six-year ban start and end?
ASIC’s 16 May 2019 media release said the ban lasted six years but did not state the precise commencement or expiry date. The current ASIC Banned and Disqualified search should be used to check the recorded dates.
Was David Cornford convicted of a crime?
The ASIC release does not say that Cornford was criminally charged or convicted. It reports an administrative banning decision by ASIC, not a court-determined criminal conviction.
Was Kaz Capital itself banned?
No such conclusion appears in the cited ASIC releases. ASIC separately imposed additional conditions on Kaz Capital’s Australian financial services licence because of concerns about the adequacy and effectiveness of its compliance framework.
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Open ASIC Connect, choose “Banned & Disqualified”, enter the person’s family and given names, and select “Go”. ASIC also publishes a downloadable Banned and Disqualified Persons Dataset through data.gov.au.
The Bottom Line
ASIC’s 2019 action against David Cornford was a six-year ban from providing financial services after the regulator found unauthorised client trading, conflicted personal CFD trading and other conduct affecting share-market transactions. The release does not provide the securities, clients, losses, exact ban dates or any appeal outcome. For the current position, use ASIC’s Banned and Disqualified search rather than relying on the 2019 announcement alone.
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