For info, some of our submissions are making into the ASIC parliamentary enquiry.
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASICinvestigation/SubmissionsIt has been so blatant and common with our SYA, its just 'another day in the office.'
It doesn't have to be, and is basically completely out of control, condoned by ASIC's inability to police the financial markets.
This is happening all over the ASX, and most markets, and is certainly not specific to Sayona.
Below is not my submission, but a fellow posters-
My report of misconduct was specific to market manipulation by
as in becoming a substantial shareholder, their Form 603 contained all executed trades for
the three months’ prior. The inclusion of such blatant buying and selling multiple times on the same
day (churning), often with the sales being much bigger than the buys (flood the market with a big
sale, crash the price and then hoover up the sales from the scared mum and dad investors – shaking
the tree as it's known are clearly illegal. The issue of left hand selling to the right (selling to yourself)
is also blatant. Algorithmic trading is the primary tool to manipulate markets, best illustrated by the
attached video “the dark side of the ASX”. Yet ASIC doesn’t think this is a problem…
I include a screenshot of correspondence on HotCopper, demonstrating that financial loss has been
suffered by investors as a direct result of ASIC’s inaction, which is criminal. By not enforcing the law,
ASIC effectively condones the criminals’ behaviour and provides them with a get out of gaol free
card – “we have been employing this trading strategy for years, you knew about it and didn’t do
anything so we thought it was fine”.
I am a CPA, have 25 years’ experience in funds management, a Graduate Diploma of Applied Finance
and Investment and was a Responsible Manager (RM) on Aura’s AFSL and do not
understand how trading strategy could be legal. If it is legal, please let me know how, and if
it isn’t legal, why is it not being prosecuted? I asked
these questions repeatedly and have never been given an answer. The
public deserves accountability from the market regulator of the ASX.The video he references is brilliant, and made by a forensic lawyer, which was posted on HC, but very quickly taken out.
I believe it has now been formally submitted to the inquiry.
Hang in there people....
(20min delay)