1. Mohammed Riyaz former Acting Chief Executive Officer of Heraymila Securities (former Amana Securities) was warned and suspended from industry by SEC for front running Orient Garments (OGL) 500,000 shares (When PCH bought OGL from Finco and Weerasooriya family later after SEC advise the transaction was shown as a separate Directors Transaction to market under disclosures) and under his own account. Funny thing is that time Ravi Abeysuriya was still the head of Heraymila at the time and he is the main presenter who presented the Best Practice Code and New Year Resolution for Stock Brokers. Ravi Abeysuriya that time said to have begged several times from a National Newspaper not to carry the news about Riyaz's story..(Reference follow articles about Riyaz's Frontrunning in Daily Newspapers even googling in this forum)
2. Heraymilla is already partly in the hands of another investor and finding some more investors very soon brand Heraymila will change...(Reference google newspaper,electronic media)
3. Roshan Nova – Acuity Stockbrokers (Pvt) Ltd. who is a Committee Member of CSBA - Market Development- was suspended by SEC long time ago (temporarily) and famous for manipulation. (Reference google search)
4. Lawrence David – is also a Committee Member of CSBA -Market Development- is famous for pushing up Lakshapana Batteries shares for The United National Party Parliamentarian Dayasiri Jayasekara's account way back in 2010-2011 period.
5. Four stock brokers of Lanka Securities got Four Audi's from Mannapperuma Traders free for Manipulation of Swarnamahal Financial Services shares (From Rs.100-200) and to make profit for Deputy Speaker Chandima Weerakkody who was also under investigation by SEC at Thilak Karunaratne's period. (Reference Sunday Times articles)
6. Nadun Jayatillake – SMB Securities (Pvt) Ltd. CEO (Member of CSBA Rules and Compliance Committee) still manages a Rs.23 million account (Debt- Margin Trading Account with a less margin interest charged compared to industry norms) for an exclusive client of him where's as client has not put (credited) any money for the account while client has withdrawn Rs.1 million while the account has made losses exceeding a million.There are few more accounts that Nadun manage similar to this. (SEC is into an investigation of this now and Nadun) -(references investigate in to SMB Securities accounts)
7. Krishan Balendra (Chairman CSE) son of Ken Balendra (former JKH Chairman) who is under fire by Vasudeva for unethically doing a deal to acquire Lanka Marine Services and South Asia Gateway Terminals (SAGT) from the government of Sri Lanka.And Krishan has once managed the funds of World's famous alleged inside trader -Raj Rajaratnam as junior fund manager. Krishan has also given a deal to indian branch of Mickinsey Company (whose company head Rajat Gupta was jailed (2012) for trading along with Raj Rajaratnam in USA) to develop a development plan for CSE for Rs.150 million. (References google search and Newspaper Articles -print media and electronic)
8. Non-Member of CSBA - Murtaza Jafferjee - CEO of Jafferjee Brothers Securities and a Group including Ajit Damon (Otara's Brother) of JKH was under investigation by SEC in 2012 for insider trading in Odel shares when Parkson's of Singapore was negotiating the deal to buy a major stake.(2-3 days before transaction)...Don't know the progress of this Investigation now.
Anybody please add more facts and figures I will also keep adding more malpractices and unethical events of CSBA and its members and non-members.
For Information of Retailers and Ethical Stock Investors at Colombo Stock Exchange.