ASIC alleges that Benjamin Heath Cooper conspired with Avrohom Kimelman and Don Evans to manipulate the share price of Quantum Resources Limited (now known as Nova Minerals Limited) in 2015.
In 2020, ASIC alleged that Mr Kimelman was in possession of inside information concerning the company’s intention to acquire Manitoba Minerals Pty Ltd – which had agreed to acquire an interest in a lithium resource in Canada – when he applied for the acquisition of 3,957,150 of Quantum’s shares. Mr Evans was also charged with procuring 1,500,000 shares while in possession of inside information.
At the time of Mr Cooper’s offence, market manipulation carried a maximum penalty of ten years’ imprisonment. The maximum penalty was increased to 15 years in 2019.
