The Australian Securities & Investments Commission has reported that the Full Federal Court re-sentenced former investment manager Rodney Forrest to five years and three months’ imprisonment for insider trading and procuring others to trade in more than AUD 3 million of Platinum Asset Management shares. The sentence was reduced by nine months from the six-year term imposed on 23 January 2026 after the Court found the original sentencing judge erred in treating Forrest’s false denials in an ASIC interview as going to the objective seriousness of the offending, rather than to remorse and the weight of his plea. The Court kept Forrest’s non-parole period at three years, leaving him eligible for parole on 23 January 2029. It said the offending remained serious because it involved premeditation, planning, a significant breach of trust and a high degree of sophistication, and held that general deterrence was a primary sentencing consideration. The case and appeal were prosecuted by the Office of the Director of Public Prosecutions following an ASIC referral and six-month investigation.
Australian Securities & Investments Commission2026-05-22
Australian Securities & Investments Commission reports Rodney Forrest insider trading sentence reduced to five years and three months on appeal
The Australian Securities & Investments Commission reported that the Full Federal Court re‑sentenced former investment manager Rodney Forrest to five years and three months’ imprisonment for insider trading and procuring others to trade in more than AUD 3 million of Platinum Asset Management shares, reducing his original six‑year term after finding error in how his false denials were treated. The Court maintained a three‑year non‑parole period and emphasised the seriousness of the premeditated offending and the importance of general deterrence.