Regulators frown down on pumpers-and-dumpers

Social media is being used to pump up share prices. (Image: Getty)

Wed, 09 Feb 2022

In a sad moment for financial journalists, the Australian Securities Investments Commission (ASIC) lodged civil proceedings against ANZ on Dec 9 last year for an almost three-decade long marketing mishap.For the ANZ case – relating to non-supply of promised bank account benefits to more than 580,000 customers since the mid-1990s – is the last in the long-running ASIC legal series inspired by the Royal Commission into financial services.Established at the end of 2017, the RC filed its final report in February 2019 following a year of...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

The Quiz Free

QuiznessDesk, Friday, Nov 28

Want to show your boss how clever you are?

The Quizmaster 9:15am

Markets

The contest for gentailers isn’t electrons – it’s politics

Big spend, high stakes: gentailers outline plans that depend on political tolerance.

Ian Llewellyn 5:00am

The contest for gentailers isn’t electrons – it’s politics

Opinion

Pattrick Smellie: Air NZ’s Ravishankar grows up in public

The national airline’s new CEO faces plenty of challenges, some self-inflicted.

Pattrick Smellie 5:00am

Sponsored

Spark Accelerate: Are you ready for exponential AI growth?

Spark

Sponsored

Cybersecurity skills gap leaving Kiwi businesses at risk - report

A cybersecurity skills shortage is creating additional cyber risks, according to a new global report.

Fortinet

More Markets

Markets

Port of Tauranga Stella Passage project referred to fast-track process

Staff reporters 12:10pm

Markets

Rakon reports 1H net loss of $3 million

Rakon has reported a net loss of $3 million for the six months to Sept 30, compared with its year-ago $10m loss.Revenue increased 30.2% from the year-ago $41.7m to $54.2m.Underlying earnings before interest, tax, depreciation and amortisation (ebitda) were $3.6m from a year-ago e...

Staff reporters 10:50am