Benjamin Heath Cooper, of Brighton-Le-Sands, NSW, has been sentenced to 15 months' imprisonment, to be released immediately after paying $6000 and undertaking to be of good behaviour for two years, for his role in conspiring to manipulate the share price of mining exploration company Quantum Resources Limited.
Mr Cooper conspired with former Quantum director Avrohom Kimelman and Don George Evans to artificially increase the value of Quantum shares.
On 16 November 2015, the men conspired to push Quantum shares to a pre-determined price. Through two trading accounts, Mr Cooper executed trades throughout the day to further this conspiracy.
Quantum is now known as Nova Minerals Limited.
Mr Cooper was sentenced on 9 December 2022 at the Supreme Court of Western Australia, after pleading guilty to the market manipulation charges.
In sentencing Mr Cooper, Justice Forrester said, 'It is fundamental to the viability of financial markets that they have integrity and that the community trusts that to be the case. Market manipulation undermines the efficacy and integrity of financial markets generally and public trust in them.'
As a result of his conviction, Mr Cooper is also automatically disqualified from managing corporations for five years from the date of conviction.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Background
Mr Cooper was first charged with conspiring to commit market manipulation in March 2021 (21-050MR). He pleaded guilty to the offences in June 2022 (22-140MR).
Mr Kimelman was sentenced to a total of 18 months imprisonment with immediate release, in part for his role in the conspiracy in November 2021 (21-297MR).
Mr Evans pleaded guilty to his role in the conspiracy in August 2022 (22-208MR) and is due to be sentenced on 31 January 2023 in the Supreme Court of Western Australia.
