Australian 'finfluencer' gets 2.5 year sentence for market manipulation

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Australian trader and online personality Gabriel Govinda was sentenced to two and half years imprisonment after he pled guilty to 23 charges of market manipulation, the country's securities regulator said on Wednesday (May 3). Govinda, who goes by the pseudonym 'Fibonarchery' on HotCopper, an online stock market chat forum, was also fined A$42,840 (S$38,095) 'for market manipulation and finfluencer conduct,'...

Australian trader and online personality Gabriel Govinda was sentenced to two and half years imprisonment after he pled guilty to 23 charges of market manipulation, the country's securities regulator said on Wednesday .

Govinda, who goes by the pseudonym "Fibonarchery" on HotCopper, an online stock market chat forum, was also fined A$42,840 "for market manipulation and finfluencer conduct," the Australian Securities & Investments Commission said.Govinda pled guilty to manipulating prices of ASX-listed stocks, via "pump and dump" schemes.

Govinda also pled guilty to 19 charges of illegal dissemination of information, where he posted about his wash trades on HotCopper, and used the platform to discuss them with other traders. The charges relate to a period from Sept 2014 to July 2015, when he used 13 accounts to manipulate the prices of 20 ASX-listed stocks, the ASIC said.

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