The Australian Securities and Investment Committee (ASIC) said in a statement on Tuesday that the former major investment manager in Sydney acknowledged that he was guilty of trading from within and providing unlicensed financial advice regarding Platinum Asset Management shares.
According to Rodney Forest, on charges of trading from the interior between August and September 2024 before the local court in Sydney on Tuesday.
ASIC claims that he got about $ 2.6 million in platinum stocks while he had confidential information related to the acquisition offer and bought others to make similar deals.
ASIC also claims that Forrest runs a financial services company without an Australian financial services license between January and October 2024.
The organizer stated that unlicensed financial advice fees will be taken into account when judged.
The case, which It was included in the Federal Court on September 5, 2025She is one of the first to be referred to the court under its expanded criminal jurisdiction.
It is also the first result of the ASIC’s new criminal investigation team, which was established in late 2024 to enhance the enforcement of trading from within.
The ASIC monitoring team has discovered the activity through commercial monitoring technology in actual time.
This matter is prosecuted by the office of the Director of the Public Prosecution.
Trading crimes from within, under Article 1043A of the Companies Law, carry a maximum sentence of 15 years in prison or a fine of not less than $ 1.48 million.