REGINA v DALZELL [2011] NSWSC 454

REGINA v DALZELL [2011] NSWSC 454

Despite the offence being towards the lower end of objective seriousness for insider trading, the conduct involved deliberate breach of trust by a 'true insider' and required a custodial sentence to mark its seriousness and serve as a general deterrent; however, considering subjective factors and the circumstances, the custodial sentence can be served by way of an intensive correction order in the community.

Parties
Crown: Regina; Offender: Andrew Dalzell
Jurisdiction
Australia
Judgment Date
20 May 2011
Procedural Posture
Criminal / Sentencing
Outcome
Offender sentenced to 2 years imprisonment to be served by way of intensive correction order in the community.
Legal Topics
Insider Trading, Sentencing, Intensive Correction Order
Criminal Law Corporate Law Insider Trading Sentencing Intensive Correction Order

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Parties

Regina

Crown

Andrew Dalzell

Offender

Procedural Posture

Criminal / Sentencing

Legal Issues

  1. 1 What is the appropriate sentence for insider trading under s.1311(1)(a) of the Corporations Act 2001 (Cth)?
  2. 2 Does the offender's conduct fall at the lower or higher end of objective seriousness for insider trading offences?

Ratio Decidendi

Despite the offence being towards the lower end of objective seriousness for insider trading, the conduct involved deliberate breach of trust by a 'true insider' and required a custodial sentence to mark its seriousness and serve as a general deterrent; however, considering subjective factors and the circumstances, the custodial sentence can be served by way of an intensive correction order in the community.

Court Disposition

Offender sentenced to 2 years imprisonment to be served by way of intensive correction order in the community.

Orders

  • The offender is sentenced to a term of imprisonment of 2 years to commence on 20 May 2011 and to expire on 19 May 2013.
  • Pursuant to s.7(1) of the Crimes (Sentencing Procedure) Act 1999, an intensive correction order is made directing the sentence be served by way of intensive correction in the community.