The Australian Securities & Investments Commission (ASIC) reported that four co-conspirators who used Telegram group chats to inflate Australian share prices and then sell at higher prices were convicted and sentenced at the Sydney District Court to intensive corrections orders (ICOs) ranging from 14 months to two years for conspiracy to commit market rigging and dealing with the proceeds of crime. Larisa Quinlan received an ICO of one year and nine months, 160 hours of community service and an AUD 8,015 fine. Kurt Stuart received an ICO of two years, 200 hours of community service and an AUD 22,270.11 fine, while Emma Summer received an ICO of one year and 10 months, 160 hours of community service and an AUD 16,029.50 fine. Syed Yusef received an ICO of 14 months, 120 hours of community service, and a pecuniary penalty order under section 116 of the Proceeds of Crime Act 2002 (Cth) requiring payment of AUD 13,464.89 to the Commonwealth; all offenders must also comply with standard ICO conditions including supervision and not committing further offences. The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC referral, and ASIC reiterated that it monitors for pump-and-dump activity and encourages investors to report suspicious conduct.
Australian Securities & Investments Commission 2025-12-22
Australian Securities & Investments Commission reports intensive corrections orders and fines for four Telegram-based ASX pump-and-dump conspirators
The Australian Securities & Investments Commission (ASIC) announced the conviction and sentencing of four individuals for conspiracy to commit market rigging and dealing with the proceeds of crime, using Telegram group chats to inflate Australian share prices. The offenders received intensive corrections orders ranging from 14 months to two years, with additional community service and fines. ASIC emphasized its monitoring of pump-and-dump activities and urged investors to report suspicious behavior.