Paulgf, a previous poster, mentioned that Section 1041E of the...

Paulgf, a previous poster, mentioned that Section 1041E of the Corporations Act 2001 could be the way to go.
As a reasonable person reading the headline "Big Un links to $10m "Ponzi" accountant" I have to agree with him.
CORPORATIONS ACT 2001, SECTION 1041E FALSE OR MISLEADING STATEMENTS

1041E(1) [Requirements]
A mce-anchorperson must not (whether in this jurisdiction or elsewhere) make a statement, or disseminate information, if:
(a) the statement or information is false in a material particular or is materially misleading; and
(b) the statement or information is likely:
(i) to induce persons in this jurisdiction to apply for financial products; or
(ii) to induce persons in this jurisdiction to mce-anchordispose of or mce-anchoracquire financial products; or
(iii) to have the effect of increasing, reducing, maintaining or stabilising the price for trading in financial products on a mce-anchorfinancial market mce-anchoroperated in this jurisdiction; and
(c) when the mce-anchorperson makes the statement, or disseminates the information:
(i) the mce-anchorperson does not care whether the statement or information is true or false; or
(ii) the mce-anchorperson knows, or ought reasonably to have known, that the statement or information is false in a material particular or is materially misleading.
mce-anchor
Note 1: Failure to comply with this subsection is an offence (see mce-anchorsubsection 1311(1)). For defences to a prosecution based on this subsection, see mce-anchorDivision 4.
Note 2: Failure to comply with this subsection may also lead to civil liability under mce-anchorsection 1041I. For relief from liability under that section, see mce-anchorDivision 4.
1041E(2) [Physical element; fault element]
For the purposes of the application of the Criminal Code in relation to an offence based on subsection (1), paragraph (1)(a) is a physical element, the fault element for which is as specified in paragraph (1)(c).
1041E(3) [Strict liability]
For the purposes of an offence based on subsection (1), strict liability applies to subparagraphs (1)(b)(i), (ii) and (iii).

https://www.iknow.cch.com.au/docume...-section-1041e-false-or-misleading-statements
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False or misleading rumours

ASIC has been approached by a number of market participants concerned that some individuals are deliberately spreading false or misleading information about listed securities.
There are concerns that this is being done to artificially provoke sales of securities and to reduce their market price.
Conduct of this type can be a criminal offence and ASIC, in conjunction with the Australian Securities Exchange, will be vigilant in monitoring the market to ensure this type of behaviour is detected and prosecuted.
Section 1041E of the Corporations Act states that a person must not make a statement or disseminate information if (relevantly):

• it is false in a material particular or is materially misleading; and
• is likely to induce persons to dispose of or acquire financial products or to have the effect of reducing the price for securities; and
• if the person does not care whether the statement or information is true or false, or knows or ought reasonably to have known it is false or misleading.

If a person spreads a false rumour without properly investigating its truth then the person risks breaching this section. ASIC will investigate the conduct of persons who spread false information or rumours if they cannot substantiate that they did concern themselves as to the truth or falsity of the rumour.
The maximum penalty for an individual breaching s.1041E is five years imprisonment and/or a fine of $220,000.
Section 1041E is part of a suite of provisions in the Corporations Act which prohibit market manipulation (s.1041A), false trading (s.1041B) and market rigging (s.1041C). There is also a provision that prohibits inducing a person to deal in a financial product using false or misleading information (s.1041F).
Financial market participants must not engage in dishonest conduct in relation to a financial product or service (s.1041G) when carrying out a financial services business. Dishonest is defined by reference to the standards of ordinary people.
ASIC believes that these provisions, together with the laws prohibiting trading in securities by persons who have confidential price sensitive information (whether or not the information is sourced from an “insider’) are sufficient to ensure fair market trading practices.

http://asic.gov.au/about-asic/media...8-releases/08-47-false-or-misleading-rumours/