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).
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.