Australian regulator ASIC informed earlier today that following an investigation, the Former director of Hudson Resources Limited and Raffles Capital Limited, Benjamin Amzalak, has pleaded guilty to an offence of market manipulation.
Amzalak, of Bondi, NSW, has been sentenced to 2 years of imprisonment. He took part in transactions that had the effect of creating an artificial price for trading in shares of PMR shares on the Australian Securities Exchange (ASX). Back in 2013, he used trading accounts in the name of Hudson Corporate Limited and Sing Capital Pty Limited to complete either buy or sell transactions in Precious Metal Resources Limited shares (PMR, now known as Frontier Capital Group Limited) on 8 separate occasions for the sole or dominant purpose of setting an artificial price for the shares of PMR.
These types of offences undermine the public’s confidence in the integrity of the market and investors are entitled to have a fair chance to trade on honest market information.
Amzalak was also the Investor Relationship Officer of PMR and Sovereign Gold Company Limited.