Benjamin Heath Cooper has pleaded guilty to conspiring to manipulate the price of shares in Quantum Resources, now known as Nova Minerals.
In a statement released on Friday, ASIC said that the NSW man had conspired with former Quantum director, Avrohom Kimelman and another individual to manipulate the company’s shares on 16 November 2015.
On Wednesday, Mr Cooper pleaded guilty before the Stirling Gardens Magistrates’ Court in Western Australia to one charge of conspiring to commit market manipulation.
The charge carried a maximum penalty of 10 years' imprisonment at the time of his offence before being increased to 15 years' imprisonment in March 2019.
The matter has been adjourned to the Supreme Court of Western Australia on 30 August 2022 for a directions hearing.
Mr Kimelman pleaded guilty in July last year 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.
In November, he was sentenced to an 18-month imprisonment sentence to be released immediately after entering into a $5,000 recognisance and a two-year good behaviour bond.
“Insider trading and market manipulation impact the integrity of Australia’s financial markets,” ASIC deputy chair Sarah Court said at the time.
“This is serious misconduct that prevents Australia’s financial markets from operating fairly and transparently.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
