The so-called ASX “pump and dump” schemers have avoided jail time by the court after pleading guilty.
The four ringleaders behind the scheme used messaging app Telegram under the group chat name “ASX Pump and Dump Group” to coordinate efforts to pump the share prices of stocks via social media before dumping them at inflated prices.
All four pleaded guilty last June to commit market rigging and dealing with the proceeds of crime.
ASIC announced the four offenders received intensive corrections orders (ICO) conditions that they must not commit any offence and must submit to supervision by a community corrections officer. ICOs are served in the community, available for non-violent criminals.
Larissa Quinlan was sentenced to an ICO for one year and nine months, pay a fine of $8015 and serve an additional 160 hours of community service.
Kurt Stuart was sentenced to an ICO for two years and in addition, must serve 200 hours of community service and pay a $22,270.11 fine.
Emma Summer was sentenced to an ICO for one year and 10 months, 160 hours of community service and a $16,029.50 fine.
Syed Yusef was sentenced to an ICO for 14 months, 120 hours of community service and pay a $13,464.89 fine.
They were sentenced at the Sydney District Court on Friday, 19 December 2025.
The four were charged in July 2024, after participating in the coordinated scheme in August and September of 2021.
The quartet faced a maximum penalty of 15 years’ imprisonment and a fine of more than $1 million.
The regulator has been warning the public to be vigilant about widespread, coordinated pump and dump schemes targeting retail investors.
ASIC chair Joe Longo said the regulator wanted to hold pump and dumpers accountable to protect consumers from future schemes.
“Pump and dump trading isn’t just illegal, it damages trust in our financial markets, and people lose hard-earned money,” Longo said in a media release.
“This group used social media to rig the market, artificially pump-up penny stocks, then dump them for quick profits – leaving everyday investors to wear the losses.”
ASIC has also observed scammers fraudulently using the identity of Australian celebrities to lure victims into messaging apps like WhatsApp where they are directed to buy shares.
