ASIC got Adam Blumenthal for market rigging. Why didn’t it go harder?
Regulators had launched raids in 2021 into trading with a Sydney stockbroker and an influencer. A confession was extracted, only on a civil penalty basis.
Adam Blumenthal pulled into the upscale Sydney harbourside suburb of Double Bay in a fancy 4WD last month. He crossed the street toward the shops, talking on the phone and dressed in shorts, as the holiday period beckoned.
Why wouldn’t the 36-year-old stockbroker be relaxed? After all, Mr Blumenthal had just reached an agreement with the corporate regulator, admitting to market rigging, and had only faced civil penalties.
Liam WalshReporterLiam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
