Four people face jail time after being criminally charged with operating a ‘pump and dump’ scheme on encrypted messaging app Telegram following an investigation by the corporate regulator.
Four people face jail time after being criminally charged with operating a ‘pump and dump’ scheme on encrypted messaging app Telegram.
Four individuals have been charged by ASIC for a market manipulation scheme, including Syed Yusuf who was seen leaving the Downing Centre Courthouse on Tuesday.Syed Yusuf, Larissa Quinlan, Emma Summer and Kurt Stuart were charged in Sydney’s Downing Centre Local Court with conspiracy to commit market rigging and false trading to artificially increase the price of shares listed on the Australian Securities Exchange before dumping them.
ASIC alleges that the defendants formed a private group on Telegram where they discussed and selected penny stocks they would announce to the public Telegram group named the ‘ASX Pump and Dump Group.’The defendants have also been charged with dealing with the proceeds of crime in relation to the money that they each obtained from the pump and dump activity.
and posting directly to issue warnings to members that their actions may be in breach of the law. Co-ordinated attempts to manipulate the market is a criminal offence.”Around that time, a Telegram group focused on ASX pump and dumps nominated Aura Energy as its target for the day. By 10am the stock had opened 7800 per cent higher at 33 cents, having recently traded at .03 of a cent before a 13 for 1 share consolidation that should’ve pumped up its price to 4 or 5 cents a share.
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