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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts to talk through the biggest stories regarding property, financial wellness and investing.

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Steve Waters, director of Right Property Group, chats about the end of lockdowns in Sydney and Melbourne and the impact on property. Steve admits to being pleasantly surprised by Victoria’s recent record-breaking house price growth and gives his thoughts on possible tax changes ahead of the federal election.

Meanwhile, RMIT’s senior lecturer of finance, Dr Angel Zhong, chats about the soaring NFT market and what measures might be required in the future to create a robust and efficient system for NFTs.

Lastly, our regular tax and super expert, Timothy Munro, discusses the meaning and importance of financial wellness and why young people in particular may need to alter their financial behaviours.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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ASIC warns of ‘blatant’ pump-and-dump social media campaigns

By Fergus Halliday

September 23 2021
Share

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ASIC warns of ‘blatant’ pump-and-dump social media campaigns

By Fergus Halliday
September 23 2021

Australia’s securities regulator is beginning to take social media into account when it comes to clamping down on misconduct in the market.

ASIC warns of ‘blatant’ pump-and-dump social media campaigns

By Fergus Halliday

September 23 2021
Share

Australia’s securities regulator is beginning to take social media into account when it comes to clamping down on misconduct in the market.

The Australian Securities and Investments Commission (ASIC) has warned that the use of social media to co-ordinate “pump and dump” schemes may amount to market manipulation.

“ASIC has recently observed blatant attempts to pump share prices, using posts on social media to announce a target stock, a designated time to buy and a target price or percentage gain to be reached before dumping the shares,” the regulator said.

Noting that the proliferation of these posts may mislead some to assume such activity is legal, ASIC reminded potential investors that such behaviour may constitute market manipulation and a breach of the Corporations Act.

The regulator said that it takes such breaches of the law very seriously, levying fines over $1 million and penalties of up to 15 years of imprisonment.

ASIC also warned that those looking to take advantage of such schemes can easily become victims should the figures behind the campaign dump their shares earlier than expected.

ASIC commissioner Cathie Armour revealed that the regulator has been working with market operators behind the scenes to identify and disrupt pump-and-dump campaigns.

“We will continue to target actions that threaten the integrity of markets and to take enforcement action where appropriate,” she said.

Ms Armour said that the regulator expects anyone involved in these campaigns to recognise the “potential impact on market integrity” and to be aware ASIC monitors all trading on the ASX equity market on a real-time basis.

Although ASIC already monitors Australian traders via a system of in-house and integrated surveillance mechanisms, she called on market participants to take a more active role in identifying and preventing potential market misconduct.

“They should consider the circumstances of all orders that enter a market through their systems, and be aware of indicators of manipulative trading,” Ms Armour said.

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About the author

Fergus Halliday

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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