Mr Michael Ming Jinn Ho invested approximately $1.6 million in Big Un securities while in possession of inside information communicated to him by the company’s CEO, Richard Evertz. Mr Ho will serve his sentence via an intensive correction order – in the community – due to the fact that he co-operated with the investigation.
Mr Ho pleaded guilty to five counts of insider trading and one count of communicating inside information.
“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, adding that individuals who co-operated with ASIC may receive “significant discounts” in sentencing.
“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.”
