Swiss Watchdog Finds Blackstone Resources AG Manipulate Markets

The Swiss Financial Market Supervisory Authority FINMA established that Blackstone Resources AG (Blackstone, or "the company"), which operates as an investment company, together with one of its directors have committed market manipulation and breaches of disclosure obligations.

Specifically, albeit the parties denied FINMA all of the requested information, according to the information available to the watchdog, the company or the persons related to the company repeatedly purchased shares within certain trading periods in order to manipulatively boost the share price. 

Additionally, Blackstone repeatedly made public statements in a manner potentially capable of influencing the stock exchange price.

FINMA found that a director of the company only corrected the notification of his own holdings when pressed to do so by FINMA. Furthermore, Blackstone calculated and reported its own shares incorrectly and thereby breached disclosure obligations. 

Blackstone is not supervised by FINMA.

In February, the company was spinning off its German battery branch Blackstone Technology so as to found Blackstone Technology Holding AG.