Victorian man escapes jail sentence for insider trading
A 45-year-old Victorian man has escaped 12 months imprisonment after pleading guilty to four insider trading charges.
Ulf Ronnie Lindskog was sentenced by the County Court of Victoria yesterday after charges were brought by the Australian Securities and Investments Commission (ASIC).
Judge David Parsons imposed a $15,000 fine in relation to one charge and sentenced Linskog to a 12-month suspended sentence for the three remaining charges.
"But for the plea of guilty, Mr Lindskog would have been convicted and sentenced to a period of 12 months immediate imprisonment," Judge Parson said when handing down the sentence.
Lindskog pled guilty last November following an ASIC investigation sparked by its Market Surveillance Team and investigated by ASIC's Market Integrity Enforcement team.
He was part of a consulting team working with Blackstone Group (HK) Ltd on a proposed takeover of Spotless Group when he placed seven separate orders in March, April, May and June 2011 to purchase almost 88,676 shares in Spotless.
As a member of the consultative team, Lindskog was privy to proposed takeover bids for Spotless.
"It is imperative that our markets operate fairly and efficiently, and we will continue to use our powers, people and systems to identify and pursue those who compromise these values," ASIC deputy chairman Belinda Gibson said.
Lindskog was hit with a further $25,613 pecuniary penalty order under the Proceeds of Crime Act 2002.
ASIC said it had successfully prosecuted 17 of 27 insider trading charges since 2009, comprising 14 finalised matters and three guilty pleas where the individuals are awaiting sentencing. It said eight people were awaiting trial and contested the charges brought against them, while two prosecutions had been unsuccessful.
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