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ARTICLE · 27 DECEMBER 2023

Market manipulation – an evolving space to watch

Holding Redlich
Holding Redlich
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ASIC alleged that the Eneco MD used the names of his family members 24 times to manipulate the share price.

AustraliaCriminal Law
Howard Rapke
Howard Rapke
Rebecca Cleary
Rebecca Cleary
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As a regulator, the Australian Securities & Investments Commission (ASIC) oversees and regulates the financial system and enforces criminal and civil penalties for misconduct.

As part of that role, a recent ASIC investigation has led to the managing director of Eneco Refresh Ltd (Eneco), also the founder and executive chair of Eneco, to plead guilty to one count of market manipulation and one count of creating a false or misleading appearance of active trading. Eneco is a company that produces bottled water and is listed on the ASX.

ASIC's allegations include that the managing director used the names of his family members 24 times to manipulate Eneco's share price.

Each contravention of market manipulation carries a maximum penalty of 15 years imprisonment.

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