ASIC extends market manipulation probe
The Australian Securities and Investments Commission has named Macquarie Group Limited as one of a number of companies about which it is investigating allegations of false rumours that may be linked to market manipulation.
The regulator said its current inquiries represented an extension of the inquiries it launched in March into market manipulation.
It said that recent volatility in the market had seen an increase in the number of complaints about false rumours and market manipulation.
“ASIC is looking into alleged false rumours about a number of companies, including Macquarie Group Limited,” the ASIC announcement said.
The announcement said that pushing false rumours designed to harm a company, such as by forcing a share price down, was illegal.
It said that if a person spread a false rumour without properly investigating its truth, they risked breaching section 1041E of the Corporations Act with the maximum penalty for an individual breaching that section being five years imprisonment and/or a $220,000 fine.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
