ASIC charges over Bill Express market manipulation

ASIC has laid charges in relation to alleged market manipulation relating to Bill Express.

Mr Newton Chan of Balwyn, Victoria, has been charged with eight counts of market manipulation following an investigation by ASIC.

The charges relate to Mr Chan’s alleged manipulation of the share price of Bill Express Ltd (BXP) (now in administration) while he was a senior client adviser at Macquarie Equities Ltd.

ASIC alleges that between 3 May 2006 and 26 March 2008, Mr Chan used a number of trading accounts held by various individuals and entities with Macquarie Equities Ltd to purchase more than 34 million BXP shares, worth over $6.1 million through hundreds of transactions. ASIC alleges these transactions created, or were likely to create, an artificial price for BXP.

Mr Chan has also been charged with falsifying order records by entering false names in Macquarie Equities’ electronic ordering system during this period and with providing false or misleading information to ASIC during an examination.

Mr Chan appeared in the Melbourne Magistrates Court today. The matter is next listed for committal mention on 12 March 2010 in the Melbourne Magistrates Court.

The question if the charges are proven will be – who was Newton Chan acting for?

Bill Express is a story whichh will not go away.  Newsagents are reminded every day when they stumble across useless equipment in their back room.  They will also be reminded if they read the list of services the ANF Chairman offers from his newsagency according to the ANF yearbook (page 83) just published by the ANF – yep, Bill Express.