Western Australian Man in Court for Insider Trading Offences

(LAWFUEL) – The Australian Federal Police (AFP) has charged a 48-year-old Nedlands man today in relation to insider trading offences committed in August 2002.

The man appeared today in Perth Local Court where it was alleged that he has been involved in offences against the Corporations Act 2001, principally Insider Trading offences.

As a result of information obtained by the AFP it will be alleged that the accused received insider information regarding the stock price of a publicly listed Western Australian based company in order to gain a benefit. AFP National Manager Economic and Special Operations Mandy Newton said today’s court matter showed that Australian authorities were serious about tackling Insider Trading type offences. “Today’s matter in the court should send a clear message that Australian authorities will continue to work together to take a strong stand in prosecuting these type of offences”, she said.

Assistant Commissioner Newton also acknowledged the important assistance
provided by the Australian Securities and Investment Commission (ASIC) in
this investigation.

The man has been charged with four charges of ‘Insider Trading’ in breach of Section 1043A(1)(c) of the Corporations Act 2001.
The man was granted bail and will face court again on 4 March.

The offences carry maximum penalties of 5 years’ imprisonment and/or a fine of $22,000.00.

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