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16-024MR Perth man charged with insider trading appears in court
Mr Steven Robert Noske, of Perth, Western Australia, appeared in the Stirling Gardens Magistrates Court in relation to one count of insider trading contrary to sections 1043A & 1311(1) - Corporations Act 2001 (Cth).
The charge relates to the purchase of 750,000 WestSide Corporation Limited shares via a trading account associated with Mr Noske, in February 2012.
ASIC alleges that Mr Noske traded whilst in possession of inside information relating to a proposed takeover transaction. It is alleged that as a result of the trades, Mr Noske made a notional profit of approximately $182,430. Mr Noske first appeared on 10 July 2015 in relation to the charge.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
The maximum penalty faced by Mr Noske is 10 years imprisonment and/or a fine. The maximum fine faced in this case is $547,290 (three times the value of the profit attributable to the alleged offending, as per the Corporations Act).
Editor's note 1:
On 10 July 2015 the matter was adjourned until 28 August 2015.
Editor's note 2:
On 28 August 2015 the matter was adjourned to 4 November 2015.
Editor's note 3:
On 4 November 2015 the matter was adjourned to 18 November 2015.
Editor's note 4:
On 18 November 2015 the matter was adjourned to 3 February 2016.
Editor's note 5:
On 3 February 2016, the matter was adjourned to 23 March 2016.
Editor's note 6:
On 23 March 2016, the matter was adjourned to 4 May 2016.
Editor's note 7:
On 4 May 2016 the matter was committed to the Supreme Court of Western Australia with the next appearance to be 30 May.
Editor's note 8:
At a directions hearing on 30 May 2016, the original indictment was filed with the Supreme Court and the matter was adjourned until 30 June 2016.
Editor's note 9:
On 30 June 2016, Mr Noske was arraigned in the Supreme Court of Western Australia after pleading not guilty to the charge against him. The matter was adjourned until 4 August 2016, with Mr Noske's bail continued.
Editor's note 10:
The matter was before the Supreme Court of Western Australia on 4 August 2016. The Court set a trial date to commence on 20 March 2017 for a period of 10 days.