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Ronald Baldwin, an investor living in Yeronga, Queensland, appeared in the Brisbane Magistrates Court today on charges of market manipulation, following an ASIC investigation.
Mr Baldwin, 65, is charged with seven counts of market manipulation regarding his involvement in a number of transactions in relation to listed company Icon Energy Limited (ICN) between 19 and 24 November 2008.
ASIC alleges Mr Baldwin arranged for orders to be placed on the ASX for the sale of ICN shares between 19 and 24 November 2008. These orders, according to ASIC, were likely to have the effect of creating an artificial price for trading in the company’s shares.
Mr Baldwin was not required to enter a plea and has been released on conditional bail.
The matter was adjourned for further mention before the Brisbane Magistrates Court on 19 June 2012.
ASIC’s investigation followed a referral from the Australian Securities Exchange Limited.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
Each of the criminal charges laid under s1041A of the Corporations Act carries a maximum penalty of $22,000 or imprisonment for five years or both.
