Early this year the anti-coal activist doctored an ANZ media release saying the bank was withdrawing $A1.2 billion in credit for the Maules Creek coal project in NSW on ethical grounds.
While Newcastle-based Moylan claimed his fake release aimed to highlight the environmental and economic problems associated with the coal project, it famously triggered a temporary $314 million crash in Whitehaven shares after it was picked up by various financial media.
The Australian Securities and Investments Commission seized his computer days later and charged Moylan with contravening section 1041E of the Corporations Act 2001, which relates to false or misleading statements.
According to the ABC, Moylan’s lawyer wanted to go straight to trial but the Downing Centre District Court referred the matter to the Supreme Court on the advice of the court’s chief justice.
Earlier this month Moylan’s legal team reportedly described the push to move it up to the Supreme Court as "an enormous overreaction".
Under a maximum penalty the 24-year-old translator could face 10 years imprisonment or a fine of up to $765,000, or both.
According to the legal section of his website, standwithjono.org, Moylan will argue that section 1041E was intended to prosecute people seeking personal gain through market manipulation which “was not Jonathon’s intention”.
He is reportedly due to appear in the NSW Supreme Court on November 1.
