Mr Benjamin Amzalak, 46, of Bondi in New South Wales, has appeared by his counsel before the Downing Centre Local Court today on 10 charges of market manipulation brought by ASIC.
The charges follow an ASIC investigation into trading in the shares of the Australian Securities Exchange listed company Precious Metal Resources Limited (ACN 145 105 148) by persons associated with the company.
ASIC alleges that between 6 May 2013 and 2 August 2013, Mr Amzalak, a former member of Precious Metal Resources Limited’s key management personnel, and a director of its (now former) ultimate holding company, took part in ten transactions in the shares of Precious Metal Resources Limited which had, or were likely to have the effect of creating an artificial price, for trading in the shares of Precious Metal Resources Limited contrary to section 1041A of the Corporations Act.
Each of the charges carries a maximum penalty of ten years’ imprisonment.
The proceedings were adjourned to 14 November 2017 for further mention.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
