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Two charged in insider trading scheme

By Reporter
 — 1 minute read

Two associates of a listed mining company have been charged with insider trading after they allegedly bought over 12 million shares in the group while in possession of inside information.

In a statement, ASIC said former Beacon Minerals project manager Alexander McCulloch and Darryl Mapleson, who had been employed by Beacon to make announcements to the ASX around its drilling results, had both faced charges of insider trading in the Perth Magistrates Court on Friday.

Mr McCulloch had been charged with two counts of insider trading after allegedly encouraging two associates to purchase shares in Beacon Minerals while allegedly in possession of inside information.

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Mr Mapleson had been charged with three counts of insider trading regarding the alleged purchase of 12,792,850 Beacon Minerals shares between 19 and 24 January 2017 while allegedly in possession of inside information.

The inside information allegedly possessed by Mr McCulloch and Mr Mapleson related to results from the stage one drilling programme at Beacon Minerals’ Jaurdi Gold Project, which had not yet been announced via the ASX.

When an announcement was made by the company on 31 January 2017, the company’s share price increased by 33 per cent.

Mr Mapleson and Mr McCulloch's charges have been adjourned to be heard in June and July respectively.

 

 

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Two charged in insider trading scheme
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