Australia: Former GTG COO Pleads Guilty to Market Manipulation

In Australia, the ex-COO at Genetic Technologies Ltd. has pleaded guilty to five charges of market manipulation. According to the Australian Securities and Investment Commission, Geoffrey Newing engaged in transactions to buy more than 2.5 million shares of Palamine Pty Ltd. in order to create or maintain an artificial price for trading in GTG shares.

The Business Spectator reports that Newing is currently out on bail and is scheduled for a plea hearing on February 19. His wife and father-in-law also face market manipulation charges, along with GTG-founder Mervyn Jacobson. Their trial is scheduled for February 1.

Read the Business Spectator article