I am lodging a complaint about yet another fraudulent transaction in AGS Alliance Resources today
AGS has 341,172,309 shares on issue. They closed yesterday at 34c, giving them a market cap of $115,998,585. Today they opened at 35.5c, and moved up to 36.5c till 2.56pm
Market cap at 36.5c = $124,527,892
Then a bot (algorithm) crossed 1,114 shares (trade value $384.33) at a TWO CENT DISCOUNT to the last price, down to 34.5c
Market cap at 34.5c = $117,704,446
So that illegal trade (not a marketable parcel) dropped the market cap by just under SEVEN MILLION DOLLARS. I have an issue with that, others may not care, but there are potential buyers of stocks that take notice of market caps, and that 7 million might be the difference between someone buying or selling shares, and the manipulators (institutional brokers) don't even have to pay brokerage on the so called "trade", just like on May 11th when 303 "trades" were done,(look them up) more than 250 of them were either for one share or single digits, as in under $2 or $3 a pop, this is what you folks at ASIC calls "perfectly normal trading". As far as I am aware, it is illegal to move a share price by more than ONE TICK (half a cent in AGSs case) on a trade under $500 in value (marketable parcel) I stand to be corrected if that is wrong. And just to highlight how ridiculous and illegal that trade was, the next sale was 37c for 22,500 shares, a REAL human being trader obviously. Their crime went unrewarded today, wasn't for lack of trying. They'll have another crack at AGS next week.
The manipulating brokers on May 11th were (courtesy of a colleague of mine)
Instinet (152 times ONE share trade)buy broker MacQ (33 times ONE share trade)sell broker BBY (75 times ONE share trade)sell broker Timber Hill Aust (25 times ONE share trade)sell broker
Other brokers that day doing ONE SHARE TRADES were
Commonwealth Etrade Lonsec Bell Potter
There, I've even done some ground work for you, shouldn't be too hard to ask a few hard questions and take the action that the corporations law act 2001 requires you to do.
I, along with scores of other traders i am in contact with, have handed in a 55 page submission on stock market manipulation (that supposedly doesn't exist) to my local member of Parliament Malcolm Turnbull, and it will be referred to a Parliamentary Committee for further investigation. It has been passed on to treasurer Wayne Swan MP. I know for a fact that several other MP's from different electorates have done the same.
