WA individual sentenced over $57k insider trading
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Cameron Kerr Waugh was sentenced to two years’ imprisonment from 25 March, with release after nine months, upon entry into a recognisance to be of good behaviour for 15 months.
The offence related to his trading of shares in Genesis Minerals Limited.
Waugh pleaded guilty to acquiring 747,626 shares in Genesis between 14 and 21 September 2021, when he became aware of a funding proposal that included a multimillion-dollar Genesis share placement and a restructure of the Genesis board that would see experienced mining executives, Raleigh Finlayson and Neville Power, join the board.
He came into possession of the information through his role at Omnia Company Pty Ltd where he received email correspondence of the proposal and a draft ASX announcement for Genesis outlining the funding package and Finlayson and Power’s invitations to join the Genesis board.
This information subsequently became public on 22 September 2021, and the share price rose 187 per cent.
Waugh then sold his shares between 1 and 19 November 2021, and realised a profit of $57,256.44.
As a result of his conviction, Waugh is automatically disqualified from managing corporations for five years.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
AUTHOR
Laura Dew
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