On Friday, ASIC confirmed that insider trading charges laid against Vaughan Bowen of Brighton in Victoria had been discharged in the Melbourne Magistrates’ Court.
The insider trading charges were in relation to Mr Bowen’s disposal of more than 5 million Vocus Group Limited shares on 4 June 2019.
ASIC had alleged that Mr Bowen was in possession of information concerning the likely withdrawal of a proposal by EQT Infrastructure IV Fund to acquire all shares in Vocus prior to that information being announced to the market.
Mr Bowen was charged with two counts of insider trading in September last year, with each charge carrying a maximum penalty of 15 years’ imprisonment.
On 21 December 2022, following a contested committal hearing, the magistrate discharged Mr Bowen. The matter had been prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.