Former Macquarie equities adviser facing court
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SYDNEY, March 15 AAP
March 15 2010, 11:42AM
A former Macquarie Equities senior client adviser is to face the Supreme Court of Victoria charged with market manipulation.
Newton Chan, of Balwyn in Melbourne's east, is alleged to have influenced the share price of Bill Express Ltd through hundreds of transaction between May 2006 and March 2008.
The Australian Securities and Investments Commission (ASIC) alleges Chan used a number of trading accounts held by individuals and entities with Macquarie Equities to buy over 34 million Bill Express shares worth over $6.1 million.
These transactions created, or were likely to create, an artificial price for the stock, ASIC alleges.
Chan was banned by ASIC in August last year from providing financial services for five years.
Chan pleaded guilty to eight charges of market manipulation contrary to the Corporations Act and one charge of providing false or misleading information to ASIC in the Melbourne Magistrates Court on Friday.
He is due to appear for a plea hearing in the Supreme Court of Victoria on June 21.
