The perpetrators operated a coordinated pump-and-dump scheme to inflate the price of penny stocks.
They are now facing jail time of up to 15 years and an AUD 1 million fine.
Four individuals in Australia have pleaded guilty to operating a coordinated pump-and-dump scheme on the encrypted messaging platform Telegram. They now face a maximum prison sentence of 15 years for conspiracy to commit market rigging, along with fines of up to AUD 1 million.
A Coordinated Scheme to Rig the Markets
Announced today (Tuesday), three of the individuals rigged the market between 28 August 2021 and around 22 September 2021, while another participated in the fraudulent scheme between 17 September 2021 and around 22 September 2021.
The guilty pleas came almost a year after the Australian Securities and Investments Commission (ASIC) criminally charged the four with manipulating the prices of Australian stocks. They had formed a private group on the Telegram app, where they discussed and selected penny stocks to promote to the public. The Telegram group was called the ‘ASX Pump and Dump Group.’
Over three weeks in September 2021, nine announcements were made in the Telegram group to boost the stock prices of selected 'target' stocks.
Joe Longo, the Chairman of ASIC
The perpetrators bought the target stock before making the pump announcement, intending that the promotion and subsequent public purchases would drive the share price to an artificial level. They then sold their holdings once the stock price had significantly increased.
“ASIC takes breaches of the market manipulation rules very seriously and, as demonstrated in this matter, we will not hesitate to take enforcement action where appropriate,” said ASIC Chair Joe Longo.
Telegram’s Encryption Facilitating Fraudsters
Meanwhile, Telegram is facing scrutiny from multiple governments worldwide due to the rise of fraud and scams on the platform. Recently, Vietnam, a Southeast Asian country with a population of over 100 million, blocked access to Telegram for failing to cooperate with local authorities in addressing crimes carried out via the messaging app.
According to Vietnamese authorities, more than 13,000 victims were defrauded of over VND 1 trillion (US$38 million) through scams conducted on Telegram. Additionally, the personal data of 23 million people was reportedly sold illegally through the app.
Moreover, Russian forex brokers also ended customer support via Telegram following the enforcement of a new domestic law prohibiting financial institutions and government bodies from using foreign messaging platforms for communication.
Four individuals in Australia have pleaded guilty to operating a coordinated pump-and-dump scheme on the encrypted messaging platform Telegram. They now face a maximum prison sentence of 15 years for conspiracy to commit market rigging, along with fines of up to AUD 1 million.
A Coordinated Scheme to Rig the Markets
Announced today (Tuesday), three of the individuals rigged the market between 28 August 2021 and around 22 September 2021, while another participated in the fraudulent scheme between 17 September 2021 and around 22 September 2021.
The guilty pleas came almost a year after the Australian Securities and Investments Commission (ASIC) criminally charged the four with manipulating the prices of Australian stocks. They had formed a private group on the Telegram app, where they discussed and selected penny stocks to promote to the public. The Telegram group was called the ‘ASX Pump and Dump Group.’
Over three weeks in September 2021, nine announcements were made in the Telegram group to boost the stock prices of selected 'target' stocks.
Joe Longo, the Chairman of ASIC
The perpetrators bought the target stock before making the pump announcement, intending that the promotion and subsequent public purchases would drive the share price to an artificial level. They then sold their holdings once the stock price had significantly increased.
“ASIC takes breaches of the market manipulation rules very seriously and, as demonstrated in this matter, we will not hesitate to take enforcement action where appropriate,” said ASIC Chair Joe Longo.
Telegram’s Encryption Facilitating Fraudsters
Meanwhile, Telegram is facing scrutiny from multiple governments worldwide due to the rise of fraud and scams on the platform. Recently, Vietnam, a Southeast Asian country with a population of over 100 million, blocked access to Telegram for failing to cooperate with local authorities in addressing crimes carried out via the messaging app.
According to Vietnamese authorities, more than 13,000 victims were defrauded of over VND 1 trillion (US$38 million) through scams conducted on Telegram. Additionally, the personal data of 23 million people was reportedly sold illegally through the app.
Moreover, Russian forex brokers also ended customer support via Telegram following the enforcement of a new domestic law prohibiting financial institutions and government bodies from using foreign messaging platforms for communication.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
CySEC Fines Wonderinterest €100K, Operator of CFD Brokers Zetano and Investago
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
