Antonio Stella, of Donvale, Victoria, has been indicted on two counts of insider trading following an ASIC investigation.  

ASIC alleges that Mr Stella sold shares in Cann Group Limited on 19 and 20 July 2021 while in possession of inside information regarding an upcoming share placement.

Mr Stella sold 2,561,286 shares in Cann Group Limited at an average price of $0.373 per share. He then reacquired 2,090,909 Cann Group Limited shares through the share placement at a price of $0.275. This resulted in a profit of $204,490.90 and further loss avoidance of $20,986.34.

The Commonwealth Director of Public Prosecutions is prosecuting the matter following an investigation and referral from ASIC.

The matter is next listed for a plea hearing in the County Court of Victoria on 1 October 2025.

Background

A share placement is a way for a company to raise funds by issuing new shares.