ASIC warns ' pump and dump ' share tactics could lead to fines and jail time.
" The Australian Securities and Investment Commission ( ASIC ) said this week it had noticed a ' concerning trend ' of social media posts being used to coordinate ' pump and dump ' activity in listed stocks.
The practice could amount to market manipulation in breach of the ' Corporation Acts 2001 ' and investors that are caught red-handed could be fined more than $1 million or face a jail sentence of up to 15 years."
VML General Comments - Chat, page-4630
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