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Tuesday 25 February 2020

20-045MR Former investment analyst pleads guilty to insider trading in securities of Big Un Limited

Mr Michael Ming Jinn Ho, 32, of Lilyfield, New South Wales, today appeared in the Downing Centre Local Court and has pleaded guilty to insider trading and communicating inside information.

Mr Ho has pleaded guilty to:

  • five counts of insider trading contrary to sections 1043A(1) and 1311(1) of the Corporations Act 2001 (Cth); and
  • one count of communicating inside information contrary to section 1043A(2) and 1311(1) of the Corporations Act 2001 (Cth).

The charges relate to Mr Ho’s purchase and sale of Big Un Limited (Big Un) shares and options between 18 July 2016 and 10 February 2018. Mr Ho and the associates he procured invested a total of approximately $1.6m in Big Un securities over this period.

Mr Ho has cooperated with ASIC’s investigation. He has made a formal statement admitting to the offences he has been charged with and the facts concerning them.

Mr Ho has admitted to trading while in possession of inside information relating to Big Un and to one occasion of communicating inside information to an associate. The inside information was communicated to Mr Ho during a series of meetings and telephone conversations between Mr Ho and Big Un’s CEO Richard Evertz throughout 2016 and 2017.

Big Un was placed in trading halt and suspended from quotation in February 2018. It was removed from the official ASX list in August 2018. It is now in liquidation.

Mr Ho is scheduled to appear in the Downing Centre District Court for a mention on 6 March 2020. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

ASIC’s investigation concerning Big Un Limited and its officers and executives continues.

Editor's note:

On 6 March 2020, Mr Ho’s matter was listed for a sentence hearing on 4 June 2020 in the Downing Centre District Court.

Editor's note 2:

On 4 June 2020, the sentence proceedings were heard before His Honour Judge King SC in the Downing Centre District Court. His Honour adjourned the sentence proceedings until 21 August 2020 pending a sentencing assessment report. Mr Ho was granted bail on his own recognisance.

Editor's note 3:

On 21 August 2020, Mr Ho’s sentence proceedings were further heard before His Honour Judge King SC in the Downing Centre District Court. His Honour reserved the matter for sentence judgment on 11 September 2020.

Last updated: 30/03/2021 09:23