ASIC v. D J Carmichael Pty Limited (price manipulation, 2015)

Settled

✓ 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.

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In September 2015 ASIC reported that D J Carmichael Pty Limited paid A$300,000 to comply with an infringement notice from the Markets Disciplinary Panel, which believed it breached the market integrity rules by bidding for LinQ Resources Fund units with the intention of supporting the price. The notice is an administrative payment, not a court finding.

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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Penalty as published

A$300k

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 September 23, 2015 as release 15-265MR. The respondents named are D J Carmichael Pty Limited (0 individuals, 1 entity).

The panel was satisfied that from May to July 2011 the firm's trader bid and dealt in the fund to hold its closing price above a pre-set level, with entries setting the closing price on 35 of 44 trading days, creating a false appearance with respect to the price. This library tags the matter as price manipulation and marking the close.

The relief recorded in our data is an infringement notice penalty of A$300,000, recorded in its native currency. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

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.

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

Timeline

1. 2015-09-23 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.

Related actions

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

Record added September 10, 2026. submit a correction.