If someone is playing games, hopefully they meet the same fate as this guy...
HotCopper poster pleads guilty to market manipulationEmma Rapaport
A member of online trading forum HotCopper, going by the name of Fibonarchery, has pleaded guilty to 23 charges of ASX equity market manipulation and 19 charges of illegal dissemination of information about his wash trades and dummy bids.
**riel Govinda used more than 10 different share trading accounts, held in the names of friends and relatives, to manipulate the share price of 20 listed stocks, a statement released by the corporate regulator said.
“Mr Govinda manipulated the market, contrary to s1041B of the Corporations Act, by trading between the accounts he controlled (wash trading) and using fake, ‘prop’, or ‘dummy’ bids to falsely increase the perceived demand, and ultimate price, for listed stocks,” ASIC said.
In one HotCopper post, Mr Govinda stated “dummy bids are all part of the fun and games and cat and mouse of the stockmarket”.
This is the first time a person has been convicted of charges under s1041D of the Corporations Act.
Mr Govinda faces a maximum penalty for each charge of 10 years’ imprisonment or a fine of up to $765,000.
If someone is playing games, hopefully they meet the same fate...
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