ASIC raids Whitehaven hoaxer's campsite
Wednesday 9 January 2013 @ 10.52 a.m. | Corporate & Regulatory
The man at the centre of the Whitehaven coal hoax says the corporate regulator has raided his camp in northern New South Wales and taken his phone and computer.
Jonathan Moylan, from Frontline Action Coal, issued a fake ANZ media release claiming the bank had pulled a $1.2 billion loan from Whitehaven's Maules Creek project on environmental grounds.
The Australian Securities and Investments Commission is considering legal action after $314 million was temporarily wiped from the value of the company.
Many investors lost up to 9 per cent of the value of their shares by selling on media reports based on the fake release, before the share price recovered after Whitehaven and ANZ confirmed the release was a hoax.
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