A former consultant to private equity and financial services firms, including global asset management company The Blackstone Group, has been convicted of four insider trading charges brought by the Australian Securities and Investments Commission (ASIC).
An ASIC statement released yesterday revealed that Ulf Ronnie Lindskog was convicted in the County Court of Victoria, receiving a $15,000 fine in relation to one charge and a total effective term of 12 months’ imprisonment wholly suspended in relation to the remaining three charges.
“But for the plea of guilty Mr Lindskog would have been convicted and sentenced to a period of 12 months’ immediate imprisonment,” Judge David Parsons said in his decision, according to the ASIC statement.
The charges relate to insider trading which resulted in the purchase of 88,676 shares in Spotless Group while Mr Lindskog was a consultant to Blackstone Group and private equity firm KKR Australia.
Mr Lindskog was in possession of knowledge of a proposed takeover of Spotless when he purchased the shares, the court heard.
He was ordered to pay a pecuniary penalty order of $25,613 under the Proceeds of Crime Act 2002.
