Ex-Macquarie Adviser Admits Market Manipulation

By Ben James

Law360, New York (March 15, 2010, 1:42 PM ET) -- A former senior client adviser with Macquarie Equities Ltd. has pled guilty in an Australian court to charges of manipulating the share price of defunct electronic payment company Bill Express Ltd.

Newton Chan pled guilty to eight counts of market manipulation and one count of providing false or misleading information to the Australian Securities and Investments Commission in the Melbourne Magistrates Court on Friday, according to ASIC.

A plea hearing is scheduled for June 21 in the Supreme Court of Victoria, ASIC added.

The agency claimed...
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