The Australian Securities & Investments Commission (ASIC) announced that Greater Sydney-based former investment manager Rodney Forrest has been charged with insider trading in Platinum Asset Management shares and with providing unlicensed financial advice, after pleading guilty to two counts of insider trading. ASIC alleges that, between August and September 2024, Forrest acquired around AUD 2.6 million of Platinum shares while in possession of inside information relating to a takeover offer and procured others to also acquire Platinum shares. It also alleges he operated a financial services business without an Australian Financial Services licence between 4 January and 8 October 2024. The case is being prosecuted by the Commonwealth Director of Public Prosecutions after ASIC’s Market Surveillance team detected the activity using real-time trading surveillance technology; the offences are charged under sections 1043A(1) and 911A of the Corporations Act 2001, with the unlicensed advice offence to be taken into account at sentencing under section 16BA of the Crimes Act 1914. The matter is listed for mention in the Federal Court on 5 September 2025, which ASIC noted is one of the first matters referred to the Federal Court under its expanded criminal jurisdiction and the first outcome from its criminal investigation taskforce established in late 2024.

Original source View in tracker