Former CFO charged with market manipulation and fraud offences (ASIC, 2020)

Judgment entered

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ASIC reported that former Traditional Therapy Clinics CFO Zhonghan Wu pleaded guilty and was sentenced in the New South Wales District Court to one year and ten months, which an editor's note says was served as an intensive correction order on 2 July 2021, plus a community order for fraud.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Australian Securities and Investments Commission announced this matter on June 11, 2020 as release 20-132MR. The respondent named is Zhonghan Wu (1 individual, 0 entities).

ASIC alleges that between September and November 2015 Wu traded or tried to trade TTC shares with the aim of setting or holding the price, producing an artificial price, and that he used falsified documents for bank loans. This library tags the matter as price manipulation.

Outcome. ASIC release 21-103MR (May 18, 2021) reports that Wu was sentenced after pleading guilty to market manipulation, to one year and ten months, with an assessment for an intensive correction order to follow, and to a two-and-a-half-year community corrections order for fraud involving falsified bank loan documents. An editor's note records that on 2 July 2021 the manipulation sentence was imposed as an intensive correction order for that term, with 200 hours of community service. The release describes trading in four accounts to hold the TTC price above its $0.50 offer price. It does not say how many of the original 36 counts led to conviction.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2020-06-11 ASIC media release
2. 2021-07-02 Wu sentenced to an intensive correction order of one year and ten months (per ASIC editor note)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• ASIC media release
• ASIC release 21-103MR (sentence)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.