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16-179MR Sydney man jailed on insider trading charges
Sydney man, Michael William Hull has been sentenced to 17 months imprisonment in the New South Wales Supreme Court after pleading guilty to insider trading charges brought by ASIC.
Mr Hull was today sentenced to an effective head sentence of 17 months, from 3 June to 2 November 2017, but to be released on 2 January 2017, after serving seven months, upon giving security by way of recognizance to be of good behaviour for 18 months from his release.
He had previously pleaded guilty to trading in the shares of Mac Services Limited, Giralia Resources NL and Jabiru Metals Limited while in possession of inside information between 8 September 2010 and 9 February 2011.
The inside information was allegedly conveyed to Mr Hull by a close friend who was employed in the investment banking department of a global financial services company which worked on major corporate transactions involving those companies.
ASIC Commission Cathie Armour said, 'Insider trading is a very serious crime and the penalties involved for those who may be tempted to take the risk are significant, through loss of reputation, employment opportunity and as this case demonstrates, imprisonment.
'ASIC is focused on deterring this conduct to provide confidence in the integrity of our financial markets, which is critical to the prosperity of almost all Australians', Ms Armour said.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC began an investigation into Mr Hull's share trading in 2011, following a referral from ASIC's market surveillance team, and charged him with insider trading in 2014.
Following an action brought by the Australian Federal Police's Criminal Assets Confiscation Team, the Supreme Court of New South Wales ordered, by consent, that Michael Hull pay a Proceeds of Crime Act 2002 (Cth) pecuniary penalty of $272,479.36.
The proceeds of crime action followed a 2013 referral from ASIC.
Since 2009, ASIC has brought 39 insider trading actions before the Courts and achieved either a conviction, guilty plea or guilty finding before a jury in 32 of these matters. One matter is still before the Court.