4 individuals charged by ASIC for "pump and dump" scheme on Telegram, manipulating penny stocks.
ASIC has charged four individuals in relation to a "pump and dump" scheme on Telegram. Syed Yusuf, Larissa Quinlan, Emma Summer, and Kurt Stuart are accused of artificially inflating stock prices before selling them. The group allegedly formed a private chat on Telegram where they discussed and selected penny stocks to announce in a public Telegram group named the 'ASX Pump and Dump Group'. If found guilty, they face a maximum penalty of 15 years' imprisonment and a fine of over $1 million for market manipulation.
July 23, 2024
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