Thursday 30 August 2001

Acting Justice Foster of the NSW Supreme Court today found Stephen Lewis Matthews guilty of contempt of court in relation to a number of postings he made to an internet site known as The Chimes.

In October 2000 Justice Santow of the Supreme Court made a number of orders against Mr Matthews, including preventing him from 'advising other persons about securities; and/or … publishing securities reports, except as otherwise permitted by the Corporations Law'.

The Australian Securities and Investments Commission (ASIC) brought proceedings against Mr Matthews in May 2001, alleging that a number of his postings to the site in February 2001 about shares in companies including HIH, breached these orders.

Mr Matthews was sentenced to 12 months jail, suspended on the condition that he provides security of $5,000 and is of good behaviour for 2 years.

In May 2000, Mr Matthews was imprisoned for three months for contempt of court in relation to earlier postings on The Chimes website.

For further information contact:
Allen Turton Director Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236	Felicity Glennie-Holmes ASIC Media Unit Telephone: 02 9911 2600 Mobile: 0412 673 038

End of release