It's not legal and the penalty is not affordable.
The price that results from a transaction in which one party has the sole or dominant purpose of setting or maintaining the price at a particular level is not a price which reflects the forces of genuine supply and demand in an open, informed and efficient market. It is, within the meaning of s 1041A, an "artificial price".Director of Public Prosecutions (Cth) v JM[2013] HCA 30; 250 CLR 135; 87 ALJR 836; 298 ALR 615; 228 A Crim R 570; 94 ACSR 1; 6 BFRA 662
Those that help are in the poo.A person must not take part in, or carry out (whether directly or indirectly and whether in this jurisdiction or elsewhere):
(a) a transaction that has or is likely to have; or
(b) 2 or more transactions that have or are likely to have;
the effect of:
(c) creating an artificial price for trading in financial products on a financial market operated in this jurisdiction; or
(d) maintaining at a level that is artificial (whether or not it was previously artificial) a price for trading in financial products on a financial market operated in this jurisdiction.
Note 1: Failure to comply with this section is an offence (see subsection 1311(1)).
Note 2: This section is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this section, see section 1317S.
You get locked up for it.
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Price($) | Vol. | No. |
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