ASX is on notice about manipulation of Kingsgate share price, page-274

Even for ramping on hotcopper!!

In May, **riel Govinda (known online as ‘Fibonarchery’) was sentenced to two and a half
years imprisonment, to be released immediately on a five-year recognisance in the amount of
$5,000, and fined $42,840. Mr Govinda pleaded guilty to charges of manipulation of ASX-listed
shares and illegal dissemination of information relating to the manipulation.
Mr Govinda used a social media forum as an integral part of his market manipulation. He
promoted certain shares that he had an undisclosed interest in, and that he had manipulated,
with a view to selling out at a higher price.
The court considered Mr Govinda’s posts on HotCopper about his market manipulation
activity to be a breach of s1041D of the Corporations Act 2001 (Corporations Act). This is the
first time a person has been sentenced under this provision.
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23-116MR **riel Govinda sentenced to two and a half years imprisonment and fined for
market manipulation and influencer conduct (3 May 2023)
‘Individuals who look to social media, whether that be online forums or via
platforms such as Instagram and Facebook, to promote stocks or financial
products, should take notice of today’s court decision. Finfluencer conduct,
whether by using social media to manipulate the market, using a platform to
profit from promoting manipulation done by others, or to promote financial
products you are not licensed to promote, can result in serious
consequences.’
Sarah Court, Deputy Chair, ASIC