Market riggers sentenced in ASX ‘pump and dump’ case (ASIC, 2025)

Judgment entered

✓ Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (asic-25-315mr-chat-group-pumps-2025) by email

In December 2025 ASIC announced that Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf had been convicted and sentenced in the Sydney District Court to intensive corrections orders of between 14 months and two years for the Telegram-organised ASX pump and dump, with fines on three of them and a pecuniary penalty order against Yusuf.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

Penalty as published

A$8k

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. This regulator states penalties in AUD. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

the Australian Securities and Investments Commission announced this matter on December 22, 2025 as release 25-315MR. The respondents named are Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf (4 individuals, 0 entities).

The four, who pleaded guilty in June 2025 to conspiring to rig the market and to proceeds-of-crime offences, were sentenced to intensive corrections orders running from 14 months (Yusuf) to two years (Stuart), with community service. Fines of A$8,015, A$22,270 and A$16,029 were imposed on Quinlan, Stuart and Summer, and Yusuf was ordered to pay A$13,465 under the Proceeds of Crime Act. This library tags the matter as chat group pumps and pump and dump.

The conduct is recorded against equities.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with 2 techniques 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.

• Chat group pumps — see how it works, what statute it engages, and every other action tagged the same way.
• Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2025-12-22 ASIC media release

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

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 3 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.