“ASIC has recently observed blatant attempts to pump share prices, using posts on social media to announce a target stock, a designated time to buy and a target price or percentage gain to be reached before dumping the shares,” the regulator said.
“In some cases, posts on social media forums may mislead subscribers by suggesting the activity is legal.”
ASIC said it continued to act against this type of market manipulation, which threatened the integrity of markets.
The regulator warned posting on social media to co-ordinate “pump and dump” activity in listed stocks was an offence under the Corporations Act and it expected participants to report suspicious activity promptly when they came across it.
https://mccabes.com.au/insights/hotcopper-user-in-hot-water-as-asic-sees-first-conviction-under-information-dissemination-provisions-of-the-corporations-act/
On 6 June 2022, the user of a popular Australian share trading forum “Chopper” pleaded guilty to 23 charges of manipulating ASX listed stocks and an additional 19 charges of disseminating information about the illegal manipulation.It does give one pause for thought however when one realises that there are posters present on HC who have been - and presumably still are - very deliberately attempting to create bogus shifts in sentiment for their own ends, i.e. through pumpanddump posts...Stock market forum Chopper has hit back at the founder of Australia's first listed medical marijuana company who resigned after alleged social media rants.When I was a new Investor I started using chopper.com and after few years I found many reasons not to use hotcopper.com. People are using it to PumpandDump.SYDNEY – Publisher monetisation startup Publift has been appointed the programmatic and digital agency for Australia’s largest free independent stock market trading forum for ASX investors, Chopper.
scamadviser.com›ru/proverte-site/hotcopper.com.au
“ASIC has recently observed blatant attempts to pump share...
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