A former senior manager at accounting firm KPMG has been sentenced to two years imprisonment for insider trading while acting as a corporate adviser on a business proposal.
Andrew Dalzell of Randwick, New South Wales was found by the Australian Securities and Investments Commission (ASIC) to have inside information on a proposal by printing company Promentum to acquire McMillan Group, which he acquired while working at KPMG.
ASIC said Dalzell purchased 40,000 shares in Promentum in 2006, while KPMG was advising the company on the proposed acquisition.
Dalzell pleaded guilty to one charge of insider trading, and will service his sentence in the community under an Intensive Correction Order.
ASIC said Intensive Correction Orders were introduced recently to replace periodic detention as a sentencing option.
