Sydney man jailed for insider trading
A Sydney man has been sentenced to 17 months imprisonment after pleading guilty to insider trading charges, brought by the Australian Securities and Investment Commission (ASIC).
Michael William Hull's sentence was handed down in the New South Wales Supreme Court after he pleaded guilty to trading shares while in possession of inside information from 8 September 2010 to 9 February 2011.
ASIC said Hull was allegedly given inside information from a close friend, who was employed in the investment banking department of a global financial services company.
That company worked on major corporate transactions with Mac Services Limited, Giralia Resources NL and Jabiru Metals Limited, which Hull traded shares in.
ASIC Commissioner, Cathie Armour, said: "Insider trading is a very serious crime and the penalties involved for those who may be tempted to take the risk are significant, through loss of reputation, employment opportunity and as this case demonstrates, imprisonment".
ASIC investigated Hull's share trading in 2011 and charged him in 2014.
The Australian Federal Police Criminal Assets Confiscation Team, via the Supreme Court of New South Wales, also ordered Hull repay the proceeds of crime ($272,479.36).
Hull's 17-month sentence was effective from 3 June 2016 to 2 November 2017. He was due to be released on 2 January 2017, after serving seven months, upon good behaviour for 18 month from his release.
Recommended for you
Several wealth management companies have been shortlisted in the second annual Australian AI Awards program, which champions individuals and organisations pioneering Australian AI innovation.
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
