ASIC charges four individuals for alleged stock price manipulation via the popular messaging app.
The scheme involved artificially inflating penny stock prices before selling for profit.
Four
individuals have been charged with conspiracy to manipulate Australian share
prices through a coordinated “pump and dump” scheme organized via the
messaging app Telegram, Australia's securities regulator announced today
(Tuesday).
ASIC Charges Four in
Alleged Telegram Share Manipulation Scheme
Syed Yusuf,
Larissa Quinlan, Emma Summer, and Kurt Stuart face criminal charges for
allegedly artificially inflating penny stock prices before selling shares at a
profit. The charges, filed in Sydney's Downing Centre Local Court, carry
maximum penalties of 15 years imprisonment and fines exceeding $1 million.
The
Australian Securities and Investments Commission (ASIC) alleges the defendants
formed a private Telegram group to select stocks, then promoted them to a
public channel called “ASX Pump and Dump Group.” Over three weeks in
September 2021, nine stocks were allegedly targeted.
“Market
manipulation is illegal. Pump and dump schemes are a form of financial fraud,
eroding investor wealth, threatening the integrity of our markets and
potentially the Australian economy more broadly,” said ASIC Chair Joe
Longo.
The
regulator said it monitored the scheme using sophisticated surveillance systems
that integrate trade and third-party data. ASIC
had previously warned Telegram users about potential legal consequences of
such activities. A few months later, the regulator detailed how it managed to
unravel and lead to
the dissolution of a pump-and-dump group, in this specific case in the
cryptocurrency market.
“Coordinated
attempts to manipulate the market is a criminal offence,” added Longo.
The
defendants also face charges of dealing with proceeds of crime related to
profits from the alleged scheme. Their case was adjourned to July 30 for a
detention application hearing.
Telegram, WhatsApp and Discord
Targeted by Scammers
Although
Facebook has been more effective in targeting traders compared to Telegram, over
60% of individuals on Telegram who were involved in trading ended up losing
money, according to a joint study conducted by Finance Magnates and FXStreet
several months ago. While the proportion of scam victims losing money is
similar on both Telegram and WhatsApp, Telegram sees more traders targeted due
to its numerous active trading channels and groups.
Discord has
also gained popularity among traders. What used to be seen as just another
platform for gamers, has now transformed. Today, Discord is a prime gathering
spot for retail FX/CFDs and cryptocurrency traders who convene to discuss
strategies, share trading signals, and navigate market fluctuations together.
Moreover,
the private and anonymous nature of Discord’s channels has facilitated
questionable trading activities. The platform has become infamous
for hosting pump-and-dump schemes, where influencers promote low-volume
assets to drive up prices before selling off their stakes at peak values.
Turning to ASIC,
since the initiation of its capability to shut down scam websites in July 2023,
nearly
3,500 fraudulent investment sites have been shut down. This effort
represents a significant advance in shielding Australians from online
investment scams.
Four
individuals have been charged with conspiracy to manipulate Australian share
prices through a coordinated “pump and dump” scheme organized via the
messaging app Telegram, Australia's securities regulator announced today
(Tuesday).
ASIC Charges Four in
Alleged Telegram Share Manipulation Scheme
Syed Yusuf,
Larissa Quinlan, Emma Summer, and Kurt Stuart face criminal charges for
allegedly artificially inflating penny stock prices before selling shares at a
profit. The charges, filed in Sydney's Downing Centre Local Court, carry
maximum penalties of 15 years imprisonment and fines exceeding $1 million.
The
Australian Securities and Investments Commission (ASIC) alleges the defendants
formed a private Telegram group to select stocks, then promoted them to a
public channel called “ASX Pump and Dump Group.” Over three weeks in
September 2021, nine stocks were allegedly targeted.
“Market
manipulation is illegal. Pump and dump schemes are a form of financial fraud,
eroding investor wealth, threatening the integrity of our markets and
potentially the Australian economy more broadly,” said ASIC Chair Joe
Longo.
The
regulator said it monitored the scheme using sophisticated surveillance systems
that integrate trade and third-party data. ASIC
had previously warned Telegram users about potential legal consequences of
such activities. A few months later, the regulator detailed how it managed to
unravel and lead to
the dissolution of a pump-and-dump group, in this specific case in the
cryptocurrency market.
“Coordinated
attempts to manipulate the market is a criminal offence,” added Longo.
The
defendants also face charges of dealing with proceeds of crime related to
profits from the alleged scheme. Their case was adjourned to July 30 for a
detention application hearing.
Telegram, WhatsApp and Discord
Targeted by Scammers
Although
Facebook has been more effective in targeting traders compared to Telegram, over
60% of individuals on Telegram who were involved in trading ended up losing
money, according to a joint study conducted by Finance Magnates and FXStreet
several months ago. While the proportion of scam victims losing money is
similar on both Telegram and WhatsApp, Telegram sees more traders targeted due
to its numerous active trading channels and groups.
Discord has
also gained popularity among traders. What used to be seen as just another
platform for gamers, has now transformed. Today, Discord is a prime gathering
spot for retail FX/CFDs and cryptocurrency traders who convene to discuss
strategies, share trading signals, and navigate market fluctuations together.
Moreover,
the private and anonymous nature of Discord’s channels has facilitated
questionable trading activities. The platform has become infamous
for hosting pump-and-dump schemes, where influencers promote low-volume
assets to drive up prices before selling off their stakes at peak values.
Turning to ASIC,
since the initiation of its capability to shut down scam websites in July 2023,
nearly
3,500 fraudulent investment sites have been shut down. This effort
represents a significant advance in shielding Australians from online
investment scams.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Week In Review: Chaos at BDSwiss , IronFX Founder's Prop Firm, US FX Deposits, and More
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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