A former investment manager has been charged with insider trading regarding a potential takeover of Platinum Asset Management.
Rodney Forrest was charged with trading and procuring others to trade Platinum shares in August and September 2024 while in possession of insider information relating to a takeover offer. ASIC alleges he acquired around $2.6 million of Platinum shares while in possession of the inside information.
Appearing at Sydney Local Court on 12 August, he pleaded guilty to the two counts.
The case is the first outcome of ASIC’s new criminal investigation taskforce, which was formed last year, to boost resources and expertise for investigating insider trading, and it has stated prosecution of insider trading is one of its 2025 enforcement priorities.
ASIC did not specify which company was involved in the takeover, but Regal Partners made a non-binding, indicative proposal to acquire Platinum in mid-September which was later withdrawn in December. It then received a merger offer from L1 Capital in May 2025, which is currently in binding terms, following a period of due diligence.
The insider trading charges against Forrest have a maximum penalty of 15 years’ imprisonment or the greater of a $1.4 million fine or three times the benefit derived.
Separately, Forrest is alleged to have operated a business without an Australian Financial Services Licence (AFSL) between 4 January and 8 October 2024.
For the unlicensed AFSL activity, this carries a maximum penalty of five years’ imprisonment and/or 600 penalty units.
The matter has been listed for a mention in the Federal Court on 5 September 2025 and is being prosecuted by the Office of the Director of Public Prosecutions.
Previously, Forrest campaigned last year against the break-up of Perpetual via a divestment to KKR which was subsequently terminated due to tax reasons.
