Looking at all the preponderance of evidence over the past week, I think we can safely assume that an ASIC investigation is warranted in this case.
It would appear on the surface that a potential criminal breach of Section 1041A of the Corporations Act 2001 has been conducted. This involves market manipulation entailing pump/dump scheme, spoofing, churning, wash trading and insider trading.
A reminder to those that potentially/allegedly were involved in the market manipulation of ADR, a criminal breach would carry with it a maximum penalty of up to 15years of imprisonment. If whistle blowers want to talk to ASIC, I suggest they do so now before investigations begin otherwise ASIC and the Federal Police won't be so forgiving.
Civil penalties could also apply as dictated by the Crimes Act 1914. For individuals they could be looking at fines of at least $1.11 million. For a company would be at least $11.1 million.
Unfortunately ASIC tend to bury the link within sub-links for consumers wanting to submit a report of misconduct, but I managed to find it. If you wish to submit a report of misconduct you need to first read what you will need before submission, your rights and next steps On the same page there's an icon that takes you to the misconduct form. Read the details at this link:
https://asic.gov.au/about-asic/contact-us/reporting-misconduct-to-asic/make-a-report-of-misconduct-to-asic/
The form is available here:
https://compliance.asic.gov.au/#/form/583b77dc397bbc319837ea2a/app/662b12d67e61deebc4faacac
If ASIC perform an investigation and finds there is clear evidence of criminal breaches of the Corporation Act 2001 and the Australian Securities and Investments Commission Act 2001 (ASIC Act),then they have an obligation to make a formal referral to the Commonwealth Department of Public Prosecutions (CDPP) for criminal proceedings. ASIC also have the authority to undertake Civil proceedings.
According to ASIC's website "We will generally consider criminal proceedings for offences involving serious misconduct that is dishonest, intentional or highly reckless, even when civil action is also available." Something to think about.
I encourage anyone with any evidence or knowledge of misconduct to make the report and force ASIC's hand in this matter. What has transpired recently cannot go unanswered. Thankyou.
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Last
1.8¢ |
Change
0.002(12.5%) |
Mkt cap ! $13.14M |
Open | High | Low | Value | Volume |
1.7¢ | 1.8¢ | 1.7¢ | $2.429K | 139.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 445759 | 1.6¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
1.8¢ | 629999 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 445759 | 0.016 |
8 | 794164 | 0.015 |
3 | 442853 | 0.014 |
1 | 600000 | 0.013 |
3 | 227330 | 0.012 |
Price($) | Vol. | No. |
---|---|---|
0.018 | 629999 | 2 |
0.019 | 585000 | 4 |
0.020 | 285629 | 2 |
0.022 | 371000 | 2 |
0.024 | 1117082 | 1 |
Last trade - 16.10pm 05/06/2024 (20 minute delay) ? |
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Last
1.7¢ |
  |
Change
0.002 ( 6.25 %) |
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Open | High | Low | Volume | ||
1.7¢ | 1.7¢ | 1.6¢ | 388067 | ||
Last updated 14.37pm 05/06/2024 ? |
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