Adviser charged with market manipulation
A former Wollongong-based financial adviser has appeared in court on charges of market manipulation following an investigation by the securities watchdog.
Rocco Musumeci was charged with three counts of market manipulation after committing various trades involving Genetic Technologies (GTG) shares.
According to the Australian Securities and Investments Commission (ASIC), while working as an authorised representative of Bell Potter Securities, Musumeci acted on instructions to place buy orders in GTG between September and November 2006, a move likely to maintain an artificial price for trade in GTG shares.
ASIC has since banned Musumeci from providing financial services for four years.
The matter will be heard in the Melbourne County Court on December 9, 2008.
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