Former investment analyst, Mr Michael Ming Jinn Ho, 33, has been sentenced in the Sydney Downing Centre District Court to three years imprisonment.
Mr Ho pleaded guilty to five counts of insider trading and one count of communicating inside information in respect of Big Un Limited (Big Un) shares and options between 18 July 2016 and 10 February 2018 ().
Mr Ho invested approximately $1.6m in Big Un securities over this period while in possession of inside information communicated to him by Big Un’s CEO Richard Evertz.
Judge Michael King SC ordered that Mr Ho serve his sentence via an intensive correction order.
Mr Ho co-operated with ASIC throughout the course of its investigation by participating in voluntary interviews and providing documents. Mr Ho also made a formal statement admitting to the offences and the facts concerning them.
Judge King quantified the discount applied to Mr Ho’s sentence of 50% in recognition of his co-operation and early guilty plea.
‘ASIC will take strong action against market misconduct in order to ensure Australia’s financial markets remain robust, fair and efficient,’ said ASIC Deputy Chair Daniel Crennan QC.
Mr Crennan also reinforced the importance of co-operating with ASIC. ‘Significant discounts may apply where individuals co-operate with ASIC,’ Mr Crennan said. ‘ASIC will assess the level of co-operation it receives, and where appropriate, provide information about the nature, extent and timeliness of that co-operation to the court.’
The Commonwealth Director of Public Prosecutions prosecuted the matter.
ASIC’s investigation concerning Big Un Limited and its officers and executives continues.
Information Sheet 172 Cooperating with ASIC (INFO 172) provides more information on cooperating with ASIC investigations.