ASIC has secured guilty pleas from four individuals involved in a "pump and dump" case.
The term refers to a coordinated scheme where share prices are inflated before being sold at new and inflated prices.
Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf all pleaded guilty in the Downing Centre Local Court yesterday, to charges of conspiracy to commit market rigging. They also admitted dealing with crime proceeds.
Quinlan, Stuart and Summer were involved in the conspiracy to commit market rigging between August 2021 and about September 2021, and Yusuf later on in September.
They face a maximum penalty for conspiracy of 15 years’ imprisonment and a fine of over $1 million.
The case will next head to Sydney District Court on July 21 to obtain a date for a sentence hearing.
"ASIC takes breaches of the market manipulation rules very seriously and as demonstrated in this matter, we will not hesitate to take enforcement action where appropriate", said ASIC Chair Joe Longo on the guilty pleas.
