Mr Darren James Lind, aged 47 of Brighton, South Australia, has been found guilty of two charges of insider trading in shares of ASX listed mining exploration company Minotaur Exploration Ltd (Minotaur).
The verdict follows a two week trial before Judge Tracey in the District Court of South Australia. On 17 August 2018, a jury of 12 found Mr Lind guilty of two charges of procuring another to purchase financial products whilst in possession of inside information.
The charges relate to two share purchases of Minotaur shares by Mr Lind through the company Longer View Pty Ltd (as trustee for the Longer View Superannuation Fund) on 28 July 2014, while he was in possession of inside information.
Mr Lind was a former managing director of the company Golden Fields Resources Pty Ltd, which had a joint venture partnership with Minotaur to explore for copper-gold at its ‘Eloise Project’ site in Cloncurry, Queensland.
ASIC’s case was that Mr Lind came into possession of inside information regarding the copper-gold discovery at Cloncurry during a meeting with Minotaur personnel on 25 July 2014.
Following an ASX announcement regarding the copper-gold discovery on 31 July 2014, Minotaur’s share price almost doubled in value.
Mr Lind is on bail to appear on 27 September 2018 for a sentencing hearing in the District Court of South Australia. He faces a maximum penalty of 10 years imprisonment and/or a fine the greater of 4,500 penalty units or three times the total value of the benefits obtained for each of the charges.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Background
Mr Lind’s prosecution followed an ASIC investigation into Mr Lind’s trading in Minotaur shares prior to Minotaur’s ASX announcement on 31 July 2014.
Mr Lind was charged with these offences on 20 July 2016 and was committed for trial on 8 June 2017.
Editor’s note 1:
On 30 August 2018, Mr Lind lodged an appeal against his conviction. The appeal is scheduled to be heard on 13 December 2018 in the Supreme Court of South Australia (Court of Criminal Appeal).
Editor’s note 2:
The sentencing hearing has been adjourned to 1 November 2018 in the District Court of South Australia after earlier dates for hearing were vacated.
Editor's note 3:
Sentencing submissions were heard on 1 November 2018, and a further sentencing hearing is listed on 17 December 2018.
Editor's note 4:
The hearing of Mr Lind's appeal against conviction scheduled for 13 December 2018 (refer Editor's note 1) was vacated and has been relisted to 10.15am on 15 March 2019.
Editor's note 5:
Following a further sentencing hearing on 17 December 2018 (refer Editor's note 3), a decision on sentence has been reserved until 1 February 2019.