10-07AD Former Melbourne broker charged with market manipulation
Friday 22 January 2010
Mr Newton Chan of Balwyn, Victoria, has been charged with eight counts of market manipulation following an investigation by ASIC.
The charges relate to Mr Chan’s alleged manipulation of the share price of Bill Express Ltd (BXP) (now in administration) while he was a senior client adviser at Macquarie Equities Ltd.
ASIC alleges that between 3 May 2006 and 26 March 2008, Mr Chan used a number of trading accounts held by various individuals and entities with Macquarie Equities Ltd to purchase more than 34 million BXP shares, worth over $6.1 million through hundreds of transactions. ASIC alleges these transactions created, or were likely to create, an artificial price for BXP.
Mr Chan has also been charged with falsifying order records by entering false names in Macquarie Equities’ electronic ordering system during this period and with providing false or misleading information to ASIC during an examination.
Mr Chan appeared in the Melbourne Magistrates Court today. The matter is next listed for committal mention on 12 March 2010 in the Melbourne Magistrates Court.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC’s investigation into alleged market manipulation of Bill Express shares follows a referral from the Australian Securities Exchange.
ASIC Website: Printed 09/03/2010
