Four people involved in a coordinated 91AV to pump up Australian share prices before dumping them at inflated prices have today pleaded guilty to multiple criminal charges.
Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf pleaded guilty in the Downing Centre Local Court to conspiracy to commit market rigging and dealing with the proceeds of crime.
Ms Quinlan, Mr Stuart and Ms Summer participated in the conspiracy to commit market rigging between about 28 August 2021 and about 22 September 2021, and Mr Yusuf participated between about 17 September 2021 and about 22 September 2021. They face a maximum penalty for the conspiracy offence of 15 years’ imprisonment and a fine of over $1 million.
Mr Stuart and Ms Summer each pleaded guilty to one count of dealing with money or other property that was, and that they believed to be, proceeds of crime to the value of $10,000 or more.
Ms Quinlan and Mr Yusuf each pleaded guilty to one count of dealing with money or other property that was, and that they believed to be, proceeds of crime to the value of $1,000 or more.
Mr Yusuf also pleaded guilty to one count of dealing with money or other property that was proceeds of crime, reckless to that, to the value of $10,000 or more.
ASIC Chair Joe Longo welcomed the guilty pleas, saying they reflected the strength of ASIC’s case and its commitment to acting against unlawful conduct that undermines market integrity.
‘ASIC takes breaches of the market manipulation rules very seriously and as demonstrated in this matter, we will not hesitate to take enforcement action where appropriate.’
The matters are next in the Sydney District Court on 21 July 2025 for mention, to obtain a date for a sentence hearing.
This matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Background
Market rigging is an act that had or was likely to have the effect of creating or causing the creation of a false or misleading appearance with respect to the market for, or the price for trading in, financial products on a financial market. Conspiracy to commit market rigging is an offence against s11.5(1) of the Criminal Code (Cth) and s1041B(1)(b) Corporations Act 2001 (Cth).
ASIC alleged that in an organised manner, the defendants formed a private group on the Telegram app where they discussed and selected penny stocks to promote to the public Telegram groups named the ‘ASX Pump and Dump Group’ and the ‘ASX Pump and Dump Channel.’
Over three weeks in September 2021, nine announcements were made to boost the stock prices of selected ’target’ stocks. To different degrees, the defendants purchased the target stock prior to the pump announcement with the intention that the announcement and public purchases would increase the share price to an artificial target – and then sold their stock once the price of the stock had substantially increased.
On 23 July 2024, charges were laid against the four defendants (24-161MR).
ASIC took a range of measures to support market integrity during the 2020-21 pandemic, including issuing public warnings about social media-led ‘pump and dump’ campaigns and posting directly on social media forums to warn members their actions may be in breach of the law (21-256MR).
In October 2023, ASIC warned investors ‘don’t get burned by hype’ in a series of advertisements run in cinemas before each screening of the film Dumb Money, which depicted the millions of retail investors who started buying shares in US company GameStop, causing share prices to surge from US$20 to US$500 in a few short weeks (Dumb Money: Don’t believe the hype).