Monday, March 23, 2009

May I Have Some Mint For My Squash Please?

Richard John Macphillamy of Linwar Securities was banned for spreading false and misleading information about Maquire Group LTD by the Australian Securities and Investment Commission (ASIC).

“Project Mint”, launched by the ASIC, is designed to combat the spreading of false and misleading information such as the one Macphillamy is being accused of.

Sept 17, 2008, Macphillamy emailed 32 traders at Australian and overseas institutions saying there was a run on Cash Management Trust that would make it difficult for Macquarie to meet withdrawals. He then stated that the company’s shares would fall 50% overnight when the information is made public.

The ASIC put a stop to this false rumor. Macphillamy has since resigned and declined to comment.

Rumour succesfully squashed.

"Aussie, Aussie, Aussie! Oi, oi oi!"

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