Three Sydney men have been convicted on insider trading charges following an investigation by ASIC.
Former UCL Resources chief executive Christopher Jordinson, his nephew Joe Turner and Jonathan Breen were convicted yesterday at the Downing Centre District Court in Sydney.
In November 2013, Mr Jordinson pleaded guilty to leaking inside information to Mr Turner about the takeover of UCL by Mawarid Mining.
Mr Turner then shared this information with Mr Breen, who used his share trading account to buy UCL shares at 13 cents per share on the 11 April 2013 for the benefit of himself, Mr Turner and an additional person.
When the takeover was announced on 23 April 2013 the share price rose to 31 cents per share, generating a $20,000 profit.
Mr Jordinson has received a sentence of two years' imprisonment, fully suspended on condition that he enters a two-year good behaviour bond.
Mr Turner and Mr Breen were ordered to be on good behaviour for two years and pay penalties of $2,769.12 and $13,805.10 respectively.
ASIC commissioner Cathie Armour said the conviction of these three individuals highlights ASIC’s “ongoing focus on ensuring the market operates in a fair and efficient manner”.
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