tricom fined market manipulation

FYI
SYDNEY (Dow Jones)-- Tricom Equities Ltd. has been fined A$1.35 million plus sales tax
by the Australian Securities Exchange for "blatant and unmistakable" market
manipulation and failing to meet payment obligations on time, the ASX said Friday.
The 10 contraventions of ASX Operating Rules occurred in the period from Dec. 30, 2005
to Oct. 31, 2008, the ASX said.
"Tricom's contravening conduct had the potential to seriously undermine the
integrity of the market and the level of sanction must take that into account," it
said.
"The events have potentially corroded market confidence and require the imposition
of the maximum financial penalty."
The ASX said the first contraventions related to settlement failure in January and
February 2008, which brought Tricom to its knees and caused a significant fall in the
Australian share market.
Other contraventions include manipulative trading in small cap stocks like Thinksmart
Ltd. and ARP Data Ltd.