He is also banned from managing corporations for five years
On March 26, the Supreme Court of Western Australia delivered a judgment sentencing Cameron Kerr Waugh to two years of imprisonment for insider trading offences, ASIC reported.
The court stipulated that Waugh could be released after serving nine months, contingent upon his agreement to a 15-month good behaviour recognisance.
The insider trading case
Waugh was found guilty of purchasing 747,626 shares in Genesis Minerals during September 2021, exploiting confidential information about a forthcoming significant share placement and board restructuring.
The insider knowledge included the introduction of renowned mining executives to the board, which was expected to enhance the company’s value.
Using the insider information obtained through his position at Omnia Company, Waugh profited $57,256.44 by selling the shares after the public announcement, which led to a 187% increase in Genesis’ share price. His actions breached Section 1043A(1) of the Corporations Act 2001.
Alongside his imprisonment, Waugh faces a five-year ban from managing corporations.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
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