Ex Mac banker pleads guilty
(16 March 2010 – Australia) A former adviser for Macquarie Group has pleaded guilty in the Melbourne Magistrates Court to illegally manipulating the price of collapsed software firm Bill Express Ltd (BXP).
Newton Chan pleaded guilty to eight counts of market manipulation brought by the Australian Securities and Investments Commission (ASIC).
Mr Chan allegedly 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 A$6.1 million, through hundreds of transactions.
ASIC said, in a statement, that it alleges these transactions were completed to create an artificial price for BXP.
Mr Chan also pleaded guilty to one count of providing false or misleading information to ASIC, contrary to section 64 of the Australian Securities and Investments Commission Act 2001.
On 20 August 2009, Mr Chan was banned by ASIC from providing financial services for a period of five years.
ASIC’s investigation into the alleged market manipulation of Bill Express shares followed a referral from the Australian Securities Exchange.
Mr Chan allegedly 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 A$6.1 million, through hundreds of transactions.
ASIC said, in a statement, that it alleges these transactions were completed to create an artificial price for BXP.
Mr Chan also pleaded guilty to one count of providing false or misleading information to ASIC, contrary to section 64 of the Australian Securities and Investments Commission Act 2001.
On 20 August 2009, Mr Chan was banned by ASIC from providing financial services for a period of five years.
ASIC’s investigation into the alleged market manipulation of Bill Express shares followed a referral from the Australian Securities Exchange.
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