"In handing down the penalty and disqualification, Justice Stewart said:
‘The contraventions are interrelated. They each had their source in Mr Blumenthal’s large shareholding in Creso, his position as the chairman of a financial services licensee with a capacity to employ trading strategies, and his intention of presenting a false or misleading picture to the market for Creso shares. The contraventions concerned fundamental obligations by a senior officeholder in each corporation and, in the case of EverBlu, a senior officeholder who oversaw and participated in the stockbroking services that it provided.’
Justice Stewart observed that the market rigging contraventions in this matter go ‘hand in hand’ with the director’s duties contraventions and ‘also go to the heart of the financial system and the necessity for public confidence in it.’ His Honour added that the market rigging contraventions ‘were serious, deliberate, repeated and occurred over a period of around eight months’ and that these matters justified the need for a significant penalty."
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