Four co-conspirators who used Telegram app group chats to pump up the share prices of Australian stocks before dumping them at inflated prices were convicted and sentenced to terms of imprisonment, to be served by way of intensive corrections orders (ICOs) of between 14 months and 2 years at the Sydney District Court on Friday.
The four ringleaders of the 'pump and dump' scheme pleaded guilty in June 2025 to conspiracy to commit market rigging and dealing with the proceeds of crime (25-098MR).
- Larisa Quinlan was sentenced to an ICO for 1 year and 9 months. Ms Quinlan must additionally serve 160 hours of community service and comply with other strict additional conditions. She must also pay a fine of $8,015.
- Kurt Stuart was sentenced to an ICO for 2 years and in addition, must serve 200 hours of community service and comply with other strict additional conditions. He must pay a $22,270.11 fine.
- Emma Summer was sentenced to an ICO for 1 year and 10 months, must serve 160 hours of community service and comply with other strict additional conditions. She must pay a $16,029.50 fine.
- Syed Yusef was sentenced to an ICO for 14 months, must serve 120 hours of community service and comply with other strict additional conditions. Additionally, the Court made a pecuniary penalty order under s 116 of the Proceeds of Crimes Act 2002 (Cth) for Mr Yusuf to pay $13,464.89 to the Commonwealth of Australia.
All offenders must comply with the standard ICO conditions that they must not commit any offence and must submit to supervision by a community corrections officer.
ASIC Chair Joe Longo said, 'Pump and dump trading isn't just illegal, it damages trust in our financial markets, and people lose hard-earned money.
'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 pursued this crime against the market to hold this group accountable, and to protect consumers from future schemes.
'It is an ongoing priority for ASIC to target activity that undermines market integrity. We will continue to take decisive action against those who attempt to manipulate the market, and we urge all investors to report any suspicious activity.'
In delivering the sentencing judgment, Her Honour Judge Turner emphasised that duration is not the most significant feature of the offending, the criminality is essentially in the agreement to participate in criminal activity.
Her Honour also found each of the offenders were active participants in the conspiracy and motivated by financial gain.
This matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
