On Wednesday, Avrohom Kimelman pleaded guilty to one charge of conspiracy to manipulate the market in Quantum shares and one rolled up charge of procuring the acquisition of shares in Quantum while in possession of inside information before the County Court of Victoria.
ASIC alleged that, on 16 November 2015, Mr Kimelman conspired with others to manipulate Quantum shares and that he “procured the acquisition of 1,990,963 Quantum shares between 27 April 2016 and 5 May 2016, while in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada”.
It comes just over a year after Mr Kimelman was charged. He was appointed CEO of Quantum on 3 December 2015 and became a director of the company on 30 April 2016.
The matter has been listed for a plea hearing in Melbourne County Court on 23 February 2022.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
