FMA brings manipulation charges against Auckland investor

An Auckland investor has been accused of manipulating the Rua Bioscience share price. (Image: Rua Bioscience)

Wed, 14 Dec 2022

The Financial Markets Authority (FMA) will take action against Auckland-based retail investor Kok Ding Cheng, for alleged market manipulation of Rua Bioscience shares.The case centres on five small orders for Rua’s shares that Cheng made over a 10-day period during late-2020 via a broking account he held with ASB Securities. The FMA alleges the trades were made for the purposes of increasing the price and/or demand for Rua shares at a time when he held a material shareholding in the company.The FMA is seeking a declaration of contrav...

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