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 Ridiculous: OZschwitz day trader jailed for market manipulation

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PostSubject: Ridiculous: OZschwitz day trader jailed for market manipulation   Ridiculous: OZschwitz day trader jailed for market manipulation Icon_minitimeSat Sep 26, 2015 12:29 am
A Sydney day trader has been sentenced to two years and three months' prison for manipulating the share price of four speculative mining stocks listed on the Australian Securities Exchange.

Ridiculous: OZschwitz day trader jailed for market manipulation 1443217293521

Nigel Derek Heath will be eligible for a recognisance release order on the basis of good behaviour and providing a $10,000 self-surety after serving nine months of his sentence.

He pleaded guilty to two charges of market manipulation in October last year.

Heath was charged following an investigation by the Australian Securities and Investments Commission into his trading activities between February 2012 and October 2013.

Over the 20-month period, Heath used complex trading products called contracts for difference (CFD) and traded through no less than nine separate share trading and CFD accounts, which allow traders to bet on the future price movements of shares, commodities or currencies.

Between February 2012 and August 2013, Heath carried out 138 transactions involving financial products relating to ASX-listed oil and gas explorer Petsec Energy, which has operations in Houston, Texas and Lafayette, Louisiana and counts Sydney business bigwig David Mortimer as a director.

Read more: http://www.smh.com.au/business/markets/day-trader-nigel-heath-jailed-for-market-manipulation-20150925-gjv29n.html#ixzz3modgEMdq
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