New South Wales-based former investment analyst, Michael Ming Jinn Ho, has pleaded guilty to insider trading in securities of Big Un Limited.
According to the Australian Securities and Investments Commission (ASIC), he pleaded guilty to:
- Five counts of insider trading, and
- One count of communicating inside information
The charges related to Ho’s purchase and sale of Big Un Limited shares and options between July, 2016 and February, 2018, when Ho and the associates he procured invested a total of approximately $1.6 million in Big Un over this period.
Following this, Ho admitted to trading while in possession of inside information relating to Big Un and to one occasion of communicating inside information to an associate. The inside information was communicated during a series of meetings and telephone conversations between Ho and Big Un’s chief executive, Richard Evertz throughout 2016 and 2017.
Big Un was removed from the ASX in August, 2018 and was now in liquidation.
Ho is scheduled to appear in the Downing Centre District Court for a mention on 6 March, 2020.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.