The Federal Court has found stockbroker Adam Blumenthal’s market-rigging breaches of shares in cannabis start-up Creso Pharma were serious, deliberate and repeated.
In a judgment on Wednesday, Federal Court judge Angus Stewart ordered Mr Blumenthal be banned from managing companies for five years and pay an $850,000 penalty, four months after he reached an agreement with the corporate regulator.
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Jonathan 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
Liam 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
