Former CFO of Traditional Therapy Clinics Limited charged with market manipulation and fraud

Former Chief Financial Officer of Traditional Therapy Clinics Limited (TTC), Zhonghan Wu (also known as John Wu), was charged with market manipulation, forgery and fraud by the Australian Securities & Investment Commission (ASIC).

The charges follow an ASIC investigation revealing that in 2015, between September and November, Wu carried out multiple share transactions to set and maintain a trading price for TTC shares on the Australian Securities Exchange (ASX).

ASIC office

These transactions created an artificial price for TTC shares on the ASX during this 12-week period.

The Australian also alleges that Wu dishonestly obtained loans from the Commonwealth Bank of Australia (CBA) for personal property purchases.

Wu provided falsified documents to support his loan applications and he managed to obtain funds in the amount of $390,000 in 2012 and $260,001 in 2015.

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