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Wednesday 13 November 2013

13-309MR Queensland man jailed for market manipulation

A 58-year old Queensland man has been sentenced to 2 years imprisonment for market manipulation.

Mr Thai Quoc Tang admitted to creating a false or misleading appearance in the market when trading in the shares of biological technology company Tissue Therapies Limited (TIS) over 13 months from December 2010 (refer: 13-119MR).

Mr Tang, who pleaded guilty to two rolled up market manipulation charges, conducted his trades through 11 separate online accounts.

Appearing on Tuesday 12 November 2013 in the Brisbane District Court before his Honour Judge Michael Shanahan, Mr Tang was convicted and sentenced for 2 years for each offence, to be served concurrently, starting on Tuesday 12 November 2013. His Honour directed that Mr Tang be released after 4 months upon entering a recognizance in the sum of $5,000 and conditioned that he be of good behaviour for a period of further 3 years.

‘ASIC is committed to pursuing conduct which impacts on market integrity,’ ASIC Commissioner Cathie Armour said.

‘This sentence recognises the seriousness of Mr Tang’s conduct and will serve to deter others from engaging in similar behaviour.’

In sentencing Mr Tang, Judge Shanahan acknowledged the seriousness of the offences and the significant impact on the market of this sort of market manipulation.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions.

Last updated: 13/11/2013 12:00