The former CEO of Big Un Limited, Mr Richard Evans, also known as Richard Simon Evertz, has appeared via his lawyer in the Downing Centre Local Court charged with insider trading.

ASIC alleges that Mr Evans communicated inside information about Big Un to a shareholder on or around 10 January 2017. The information concerned the number of customers who had already been onboarded to purchase Big Un’s promotional ‘TV Show’ package at a cost of $12,000, together with a $20 million funding arrangement with ‘Finstro’, a product of Sydney-based financier First Class Capital, which allowed customers to make this purchase on deferred payment terms.

Big Un was one of the top performing shares listed on the ASX in 2017. Its shares were suspended from trading in February 2018 after information about Big Un’s funding arrangement with First Class Capital was released. Big Un was placed in voluntary administration and delisted from the exchange in August 2018. It is now in liquidation.

The matter has been listed for mention at the Downing Centre Local Court on 11 April 2023.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

ASIC’s investigation concerning Big Un and its officers and executives is ongoing.

Background

Communicating inside information is an offence under section 1043A(2) of the Corporations Act. At the time of the alleged offending, the maximum penalty was 10 years imprisonment and/or a fine of 4,500 penalty units or, if the court can determine the total value of the benefits that have been obtained by one or more persons and are reasonably attributable to the commission of the offence, three times that total value. The maximum penalty is now 15 years imprisonment and/or a fine of 4,500 penalty units.

ASIC has previously taken action against the auditor of Big Un, Mr Graham Rothesay Swan, who was convicted for failing to conduct the 2017 audit of Big Un Limited in compliance with auditing standards (22-198MR). The Companies Auditors Disciplinary Board (CADB) also suspended the registration of Mr Jakin Leong Loke for 12 months due to his involvement in the 2017 audit of Big Un (22-049MR).

Editor's note 1:

A contested detention application was heard in the Downing Centre Local Court on 28 February 2023. The court granted bail on multiple bail conditions, including that Mr Evans provides ASIC with his passport, does not apply for any new passports or international travel documents and does not leave, or attempt to leave, Australia. The matter is next listed for mention on 11 April 2023.

Editor's note 2:

On 11 April 2023, the matter was mentioned in the Downing Centre Local Court and adjourned to 23 May 2023 for charge certification.

Editor's note 3:

On 23 May 2023, the matter was mentioned in the Downing Centre Local Court. The matter was adjourned to 6 June 2023.

Editor's note 4:

On 6 June 2023, the matter was mentioned in the Downing Centre Local Court. The charges were certified and the matter was adjourned to 20 June 2023.

Editor's note 5:

On 20 June 2023, the matter was mentioned in the Downing Centre Local Court. The matter was adjourned to 18 July 2023.

Editor's note 6:

On 18 July 2023, the matter was mentioned in the Downing Centre Local Court. The matter was adjourned to 8 August 2023.

Editor's note 7:

On 8 August 2023, the matter was mentioned in the Downing Centre Local Court. The matter was adjourned to 29 August 2023.

Editor's note 8:

On 29 August 2023, the matter was listed for further hearing on 19 September 2023.

Editor's note 9:

On 19 September 2023, the matter was mentioned in the Downing Centre Local Court and adjourned to 14 November 2023.

Editor's note 10:

On 14 November 2023, the matter was mentioned in the Downing Centre Local Court and adjourned to 12 December 2023.

Editor's note 11:

On 14 December 2023, the matter of R v Evans was mentioned in the Downing Centre Local Court and adjourned to 15 January 2024.

Editor's note 12:

On 6 February 2024, the matter of R v Evans was mentioned in the Downing Centre Local Court and adjourned to 18 March 2024.

Editor's note 13:

On 19 March 2024, Mr Evans was committed to stand trial in the District Court of NSW and entered a plea of not guilty. The matter is next before the District Court on 19 April 2024.

Editor's note 14:

The matter was mentioned on 19 April 2024 in the District Court of NSW and adjourned to 10 May 2024.

Editor's note 15:

The matter was before the District Court of NSW on 10 May 2024 where Mr Evans was arraigned and entered a plea of not guilty. The matter is listed for trial to commence on 5 May 2025 in the District Court of NSW for an estimated four weeks. It is also listed for a readiness hearing on 7 March 2025, and call over on 1 May 2025.