Section 998(1) of the Corporations Act 2001 (Cth) creates one offence committable in multiple ways, not a hierarchy of offences. A sentencing judge may take into account the offender's intention and the actual effect on the market even where the offence is charged under the 'likely to create' limb. A total fine of $30,000 for four counts of market manipulation involving deliberate and dishonest conduct was held to be at the very bottom of the appropriate sentencing range, with imprisonment being available even for first offenders.
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