Mr Peter Charles Pritchard Farris, of Karrinyup, Western Australia, appeared in the Perth Magistrates Court today on two counts of insider trading.

The charges relate to the sale of 750,000 Northern Star shares on a trading account associated with Mr Farris, between 28 and 29 November 2012, while still a director of Northern Star.

ASIC alleges that Mr Farris traded while in possession of information relating to a proposed sell down transaction. It is alleged that as a result of the trades, Mr Farris avoided a loss of approximately $123,975.

The matter has been adjourned to 12 September 2014.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

If convicted, Mr Farris faces in respect of each charge a maximum penalty of 10 years' imprisonment or a fine of $495,000, or both.

Editor's note:

On 12 September the matter was adjourned to 1 October 2014 for a committal hearing.

Editor's note 2:

On 1 October 2014, in Stirling Gardens Magistrates Court, Peter Charles Pritchard Farris pleaded guilty to two counts of insider trading, and has further stated to the court that he does not accept the statement of facts. The matter has been adjourned to 17 November 2014 for a first appearance in the Supreme Court.

Editor's note 3:

On 17 November 2014 the matter was adjourned to 26 February 2015 and sentence hearing date scheduled for 25 May to 29 May 2015.

Editor's note 4:

Mr Farris was arraigned on 19 February 2015 in the WA Supreme Court. Mr Farris pleaded guilty but is disputing the statement of facts. Both his convictions were recorded. The matter is next scheduled in court for a status conference on 16 April 2015. The sentence hearing remains scheduled for 25-29 May 2015.

Editor's note 5:

Judgement was reserved at the sentencing hearing. Sentencing is scheduled for 15 July 2015.