The Australian Securities & Investments Commission (ASIC) reported that former investment manager Rodney Forrest has been sentenced to six years’ imprisonment for insider trading and procuring others to trade in more than AUD 3 million of Platinum Asset Management Limited shares after obtaining confidential takeover information. The Federal Court in Sydney imposed five years for insider trading and two years for procuring others to trade, with one year to be served cumulatively, and set a non-parole period of three years, making Mr Forrest eligible for parole on 22 January 2029. The sentencing also took into account an additional offence of providing unlicensed financial services as an investment funds manager to two entities over a nine-month period; Mr Forrest agreed to forfeit AUD 309,571.84 in realised insider trading profits. ASIC stated its market surveillance team detected the suspicious trading in September 2024, a search warrant was executed in November 2024, and charges were laid in August 2025; the matter was prosecuted by the Commonwealth Director of Public Prosecutions and marks the first outcome from ASIC’s specialist insider trading team established in late September 2024.
Australian Securities & Investments Commission 2026-01-23
Australian Securities & Investments Commission secures six-year jail sentence in Platinum Asset Management insider trading case
The Australian Securities & Investments Commission (ASIC) announced that former investment manager Rodney Forrest was sentenced to six years in prison for insider trading and procuring trades of over AUD 3 million in Platinum Asset Management Limited shares, with a non-parole period of three years. The case, prosecuted by the Commonwealth Director of Public Prosecutions, is the first result from ASIC’s insider trading team, established in 2024.