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21 June 2017 (TheAge) – Macquarie bank faces class action over advice on worthless Brazilian mine project

[COMMENT: Whether this purported class action proceeds or not, the allegation that is described in this news article is an interesting eye-opener for retail investors, because it might be possible for any market participant to engage in such conduct. The various Holywood movies of recent years portray that such things might really happen.]

(21 June 2017, The Age, p1, Cameron Houston, Chris Vedelago)

‘Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors.

The investment bank’s brokers are accused of deliberately “ramping” stock in Cleveland Mining Group by playing a key role in the acquisition of a Brazilian iron-ore mine project with a potential value of $34 billion that turned out to be a worthless patch of jungle.’

Read more at TheAge.com.au

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About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

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