Securities dealer charged over stock manipulation
The Australian Securities and Investments Commission (ASIC) has charged Allan Edward Gooderham with market manipulation offences relating to share trading.
Gooderham was charged with creating a false or misleading appearance of active trading in shares of telecommunications company Australian Authorised Investments (AAI), while the company traded on the ASX between October 1997 and September 1998.
During this period, ASIC alleges, Gooderham placed orders to trade more than two million AAI shares with people and entities associated with himself.
Gooderham was an affiliate of the ASX and a director of licensed securities dealer Epic Securities Limited in Melbourne. Gooderham acted as a representative of Epic from March 1993 to October 1998.
In April 1999, Gooderham agreed to take an enforceable undertaking in which he agreed to being banned from acting as a representative of a securities dealer or investment adviser for six years, following ASIC's investigations into AAI share trading.
No plea was entered, and the matter will go before the Melbourne Magistrates Court on April 26.
AUTHOR
Lachlan Gilbert
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