Don George Evans, of Inglewood, WA, has entered a guilty plea to one count of conspiring to manipulate the price of shares in Quantum Resources Limited.
On 16 November 2015, Mr Evans conspired with former Quantum director Avrohom Kimelman and Benjamin Heath Cooper to manipulate Quantum shares by creating an artificial price of those shares.
Quantum is now known as Nova Minerals Limited.
Mr Evans entered his plea on 3 August 2022 before the Stirling Gardens Magistrates’ Court in Western Australia.
At the time of Mr Evans’s offence, the charge of conspiring to commit market manipulation contrary to section 1041A of the Corporations Act (Cth) carried a maximum penalty of 10 years imprisonment.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. It has been adjourned to the Supreme Court of Western Australia on 31 January 2023 for sentencing.
Background
In November 2021, Mr Kimelman was sentenced to 18-months’ imprisonment to be released forthwith on recognisance for his role in the conspiracy as well as other matters ().
On 8 June, Mr Cooper also pleaded guilty to conspiring to manipulate the price of Quantum shares. His matter will next return to the Supreme Court of Western Australia on 30 August 2022 ().
In March 2019, the maximum penalty for conspiring to commit market manipulation was increased to 15 years imprisonment.
