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Brokers find themselves in ASIC's firing line Source: The Australian, 23 January 2010 WELL-KNOWN Melbourne stockbroker [.] appeared in the Melbourne Magistrates Court yesterday to face eight charges of market manipulation, allegedly committed between May 2006 and March 2008. The Australian Securities and Investments Commission, which investigated after a referral from the Australian Securities Exchange, alleges that he used a number of different trading accounts at his then employer, (.), to buy more than 34 million shares in Bill Express (now in administration) for more than $6.1 million. ASIC alleges that the hundreds of transactions created, or were intended to create, an artificial price for the stock. He has also been charged with falsifying order records by entering false names in the ordering system and with providing false and misleading information to ASIC during an examination. In an unrelated matter, ASIC yesterday disqualified two former brokers, one from Perth and one from Melbourne, over transactions in July and August 2006 using inside information about a possible takeover of Vision Systems. One Perth broker was found to have communicated inside information on the stock to three of his clients and to the other broker residing in Melbourne. The Perth broker was disqualified for five years. The Melbourne broker, who received the information and bought shares for himself and advised four clients to buy the stock, was disqualified from providing financial services for three years. Question: Discuss why ASIC is concerned about market manipulation. Do you think it has a good ethical case against these brokers? Explain your