Updated
The corporate regulator says if it is justified, it will move quickly against the Newcastle man responsible for a hoax, which temporarily wiped millions from the value of a coal company.
Jonathan Moylan from Frontline Action Coal issued a fake ANZ media release claiming the bank had pulled funding from one of Whitehaven Coal's projects on environmental grounds.
The Australian Securities and Investment Commission is considering legal action after $314 million was wiped from the value of the company.
ASIC commissioner Greg Tanzer has told the ABC's 7.30 the matter is being taken very seriously.
"If you're convicted of an offence of disseminating false or misleading information to the market that can impact on market securities, that carries very substantial penalties," he said.
"Fines of up to nearly $500,000 and a potential term of imprisonment of up to 10 years."
Mr Moylan says the corporate regulator has raided his camp in northern New South Wales.
The organisation has taken his mobile phone and computer, and told him he is required to attend questioning.
Topics: stockmarket, coal, community-organisations, mining-environmental-issues, mining-industry, newcastle-2300, muswellbrook-2333
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