Behzad Eghrari, of Vermont South, Victoria, has been charged with three offences of creating a false or misleading appearance of active trading following an ASIC investigation. 

Mr Eghrari appeared via his legal representative in the Melbourne Magistrates’ Court today charged under sections 1041B(1)(a) and 1311 of the Corporations Act.

ASIC alleges that between 3 August 2022 and 23 January 2024, Mr Eghrari executed 679 trades between share trading accounts he controlled, and which involved no change in beneficial ownership, creating a false or misleading appearance of active trading in financial products relating to: 

• Investigator Resources Limited, 
• Silver Mines Ltd, and  
• Lumos Diagnostics Holdings Ltd.  

This type of trading, commonly referred to as ‘wash trading’, involves placing buy and sell orders for the same financial product without any change in beneficial ownership. This practice creates a false or misleading appearance of market activity.

The matter is next listed for committal mention at the Melbourne Magistrates’ Court on 6 June 2025.

The Office of the Director of Public Prosecutions (Cth) (CDPP) is prosecuting the matter following an investigation and referral from ASIC.

The maximum penalty for the alleged offences is 15 years' imprisonment.