Sydney man faces 10 years’ jail for manipulating ASX shares

A group of three conspired to alter the stock price of an ASX company. These are the consequences.

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A Sydney man has pleaded guilty in a Perth court to conspiring to manipulate the price of ASX shares.

Benjamin Heath Cooper of Brighton-Le-Sands made the plea to one charge at the Stirling Gardens Magistrates’ Court in Western Australia.

He now faces up to 10 years’ imprisonment. In 2019 the maximum penalty was increased to 15 years, but Cooper’s offence occurred in 2015.

The conviction was the result of an investigation by the corporate watchdog Australian Securities and Investments Commission.

Cooper, on 16 November 2015, conspired with Quantum Resources Limited director Avrohom Kimelman and one other person to manipulate the company’s shares.

Quantum Resources Limited is now known as Nova Minerals Ltd (ASX: NVA).

Kimelman was convicted last year after pleading guilty.

Cooper’s case was adjourned to a directions hearing at the Supreme Court of Western Australia on 30 August.

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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