Victorian man pleads guilty to market manipulation
A Victorian man has pleaded guilty in the Melbourne County Court to charges of market manipulation and has been banned from providing financial services for five years following an investigation by the Australian Securities and Investments Commission (ASIC).
Richard John Wade, of East Melbourne, pleaded guilty to six counts of market manipulation after participating in trading involving Genetic Technologies (GTG) shares while he was an authorised representative of ABN AMRO Morgans.
ASIC’s investigation revealed that Wade received and acted on instructions to place and buy orders in GTG between May and September 2006 that were likely to create or maintain an artificial price for trading in GTG shares.
Wade was bailed on his own undertaking to appear in the Melbourne County Court on December 18, 2008.
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