Former Macquarie broker pleads guilty
Former Macquarie broker, Newton Chan, has pleaded guilty to charges brought by the Australian Securities and Investments Commission (ASIC).
Chan has pleaded guilty to eight counts of market manipulation and one count of providing false or misleading information to ASIC.
The charges relate to Chan’s alleged manipulation of the share price of Bill Express (BXP), which is now in liquidation, while he was a senior client adviser at Macquarie Equities.
ASIC alleges that for a period of almost two years, Chan used a number of trading accounts held by various individuals and entities with Macquarie Equities to purchase BXP shares to the value of $6.1 million through hundreds of transactions.
ASIC alleges these transactions created — or were likely to create — an artificial price for BXP.
Chan will appear in the Supreme Court of Victoria for a plea hearing on 21 June 2010.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
