Here is a link to those that wish to manipulate and rig markets. It may pay for those on HC participating in this type of behaviour to think twice as you may just find yourself in the Federal Court.
ASIC has commenced civil penalty proceedings in the Federal Court against Adam Blumenthal alleging market rigging and breaches of his duties as a director of two companies, EverBlu Capital Pty Ltd (EverBlu) and Creso Pharma Limited (now known as Melodiol Global Health Limited)(Creso).
ASIC has also accepted a court enforceable undertaking from Mr Blumenthal to the effect that he will cease being involved in financial services for five years and from Everblu, his corporate advisory company, to the effect that it will cease offering financial services to new clients and apply for cancellation of its Australian financial services (AFS) licence.
An ASIC investigation revealed that between 18 March and 15 November 2021, EverBlu breached its obligations as an AFS licensee by failing to properly follow procedures and put in place adequate controls relating to the receipt and execution of client orders, the use of its suspense account, the maintenance of records and the management of conflicts of interest.
