09-254AD New South Wales man pleads guilty to insider trading
Tuesday 15 December 2009
Mr Noel James Stephenson of Pymble, New South Wales, pleaded guilty in the Downing Centre Local Court on Tuesday 1 December to an insider trading charge brought by ASIC.
ASIC alleged that on 26 April 2005, Mr Stephenson breached s1043A (1) of the Corporations Act 2001 when he disposed of 4514 shares in Sam’s Seafoods Holdings Limited (Sam’s Seafoods). It is further alleged that when Mr Stephenson disposed of the shares, he was aware that the lender to Sam’s Seafoods, Co-operative Central Raiffeisenboer-Boerenleen Bank (Rabobank) was considering demanding the repayment of several loan facilities that had been made to Sam’s Seafoods.
On Tuesday 15 December, the matter was transferred from the Downing Centre Local Court to the Supreme Court for sentencing. The next appearance date will be 5 February 2010.
The Commonwealth Director of Public Prosecutions is prosecuting this matter.
ASIC Website: Printed 02/14/2012
