Jonathan Moylan, 26, of Newcastle, pleaded guilty in May to one offence of contravening s1041E of the Corporations Act for disseminating false information to the market.

The maximum penalty is 10 years' jail or a fine of up to $765,000, or both. However, Moylan could be assessed for an intensive correction order, which is similar to home detention and requires the offender to wear an electronic bracelet and adhere to other conditions.

In the NSW Supreme Court on Friday, Moylan's barrister, Robert Sutherland, SC, said his client had intended only to draw attention to the bank's $1.26 billion loan facility to Whitehaven Coal for its Maules Creek coal project.

Moylan thought the bank's decision to fund what he believed was an environmentally damaging project  was a contradiction to its push to market itself as environmentally friendly, Mr Sutherland said.

''He was seeking to embarrass [ANZ]'', Mr Sutherland said.

The court was given a written statement by Moylan in which he apologised to shareholders who lost money when the hoax announcement was picked up by various media organisations  and led to a temporary $314 million reduction in Whitehaven Coal's market capitalisation.

He said he was particularly sorry for investors who lost retirement savings which had been affected by the hoax, saying ''they have a right to feel deceived and injured''.

Crown Prosecutor David Staehli, SC, said Moylan must have been aware that his actions could  affect Whitehaven's share price and therefore individual shareholders.

He said Moylan's deception involved ''extensive planning and premeditation'', including setting up the email address media@anzcorporate.com, copying the logo from the bank's website and using the name of a real ANZ communications spokesman in the media release.

Moylan listed his own mobile number and changed his voicemail to the name of the legitimate ANZ employee to continue the deception.

The email was sent on January 7 last year to 295 recipients at 98 media organisations and said the bank had made its decision on ''environmental and ethical grounds''.

However, Mr Staelhi did not press for a custodial sentence, saying ''any business journalist worth their salt'' should have checked the Australian Stock Exchange's platform for releasing market-sensitive information before publishing.

Moylanwas supported by about 100 members of the ''StandWithJono'' campaign.

Campaign co-ordinator Nicola Paris said the legislation under which Moylan had been charged ''was never intended to pursue people acting in good conscience''.

Justice Davies will sentence Moylan at a later date,