High Court of Australia

Director of Public Prosecutions (Cth) v JM [2013] HCA 30

250 CLR 135; 87 ALJR 836; 298 ALR 615

27 Jun 2013

Case Number: M73/2012


French CJ, Hayne, Crennan, Kiefel, Bell, Gageler, Keane JJ


Criminal law – Market manipulation – Corporations Act 2001 (Cth), s 1041A – Transactions alleged to have effect or likely effect of creating "artificial price" for shares on Australian Securities Exchange – Meaning of "artificial price" in s 1041A of the Corporations Act – Whether meaning of "artificial price" informed by United States of America conceptions of "cornering" and "squeezing".

Criminal procedure – Question of law arising before trial – Question of law referred to Court of Appeal – Case stated – Case stated set out facts which prosecution sought to prove at trial – Facts set out in case stated neither admitted nor proved – Whether question of law referred hypothetical.

Words and phrases – "artificial price", "case stated", "cornering", "genuine supply and demand", "market manipulation", "sole or dominant purpose", "squeezing".

Corporations Act 2001 (Cth) – ss 1041A, 1338B, 1338C.

Criminal Procedure Act 2009 (Vic) – ss 302, 305, 306.

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