qld investor 'sold shares to himself'

I hope he gets done for this with jail time, a slap on the wrist would be a slap in the face for shareholders at this point and time.

Qld investor 'sold shares to himself'
AAP MAY 24, 2013 4:08PM

A QUEENSLAND investor sold shares to himself in a bid to increase the value of one of his investments, authorities allege.

Thai Quoc Tang, 57, is accused of manipulating the stock market in an attempt to increase the share value of Brisbane-based biomedical technology company Tissue Therapies Ltd.

Tang was the company's sixth-largest shareholder over the 13 months to January 2012 when he allegedly conducted the illegal trades, the Australian Securities and Investments Commission says.

He appeared in the Brisbane Magistrates Court on Friday charged with committing two breaches of the Corporations Act.

The Brisbane investor is accused of using 11 separate online accounts to conduct 141 trades involving Tissue Therapies Ltd shares, ASIC says in a statement.

In some of the illegal trades Tang sold shares to himself to create an appearance of market activity, the commission said, adding that his activity created a false appearance in the Tissue Therapies share price.

Tang did not enter a plea and was granted bail on the condition he surrender his passport and not leave the country.

Magistrate John Costello committed him to stand trial in the Queensland District Court at a date to be fixed.

http://www.heraldsun.com.au/news/breaking-news/qld-investor-sold-shares-to-himself/story-fni0xqi4-1226650075121