Former Macquarie fund manager sentenced
A former Macquarie Bank fund manager has been sentenced to two years and six months imprisonment for front running.
Oswyn Indra de Silva was found guilty and sentenced to serve a minimum of 18 months imprisonment on a charge of insider trading brought by the Australian Securities and Investments Commission.
It was alleged that de Silva traded in equities and contracts for difference (CFD) products on the Singapore Securities Exchange (SGX) while in possession of information about Macquarie’s trading intentions. He admitted to purchasing securities in particular stocks and establishing positions in particular stocks through his personal trading account at Phillip Securities, prior to Macquarie trading in the same stocks on the SGX. De Silva accumulated $1.41 million by disposing of his securities and exiting his CFD positions, profiting from the effect of Macquarie’s trading in the underlying stock.
At his sentencing, Justice Terrence Buddin noted that the maximum penalty for insider trading was recently doubled from five to 10 years imprisonment, and that de Silva was subject to the former lesser maximum penalty.
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