Former Macquarie Equities Limited client advisor, Mr Newton Chan was today sentenced in the Supreme Court of Victoria to a term of 20 months imprisonment following an investigation by ASIC into the manipulation of the share price of Bill Express Limited (BXP) (now in liquidation).

Between 3 May 2006 and 26 March 2008 Mr Chan , while he was a senior client adviser at Macquarie Equities Ltd, used a number of trading accounts to purchase more than 34 million BXP shares, worth over $6.1 million, via 904 separate transactions. It was accepted that these transactions created or were likely to create an artificial price for BXP.

On 20 August 2009 Mr Chan was banned by ASIC from providing financial services for a period of five years.

Further details are available at ASIC.