04/02/2003 - 21:00

Lays market manipulation change

04/02/2003 - 21:00

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Lays market manipulation change

Lays market manipulation charges

Entrepreneur Dean Scook and former Sydney stockbroker Jeffrey Braysich have appeared in the Perth Magistrates Court after ASIC laid charges of  market manipulation. Mr Scook was charged with 279 counts of creating a false or misleading appearance of active trading, and Mr Braysich with 21 counts of creating a false or misleading appearance of active trading. The charges are in relation to Intrepid Mining Corporation NL (now known as Cobra Resources NL) during January and February 1998. ASIC has alleged Mr Scook used multiple accounts, through several brokers, to effect the trading in Intrepid. Some of the charges related to both washed and matched orders. The charges against Mr Braysich relate to transactions that did not involve a change in beneficial ownership of the shares. The charges were laid following a referral from the Australian Stock Exchange and an investigation by ASIC. Messrs Scook and Braysich were not required to enter a plea and were bailed to reappear on February 28. Washed orders are shares bought and sold with no change in beneficial ownership. Matched orders are shares which are bought and sold through a prior arrangement between two parties.

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