“ASIC monitors the cleanliness of our markets, and we take decisive action to disrupt activities that may impact cleanliness. This is why we took the action of entering social media forums and posting directly to issue warnings to members that their actions may be in breach of the law. Co-ordinated attempts to manipulate the market is a criminal offence.”

The matter first came to light when ASIC warned the markets of a spike in pump and dump activity after the Aura Energy incident.

On that day in 2021, a Telegram group focused on ASX pump and dumps nominated Aura Energy as its target. By 10am the stock had opened 7800 per cent higher at 33¢, having recently traded at .03 of a cent before a 13 for 1 share consolidation that should’ve pumped up its price to 4 or 5¢ a share. It closed at 26¢.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC in December 2022.

The matter was adjourned to July 30 in the Downing Centre Local Court for a detention application to be made in respect to each of the defendants.