R v O'BRIEN [2011] NSWSC 1553

R v O'BRIEN [2011] NSWSC 1553

Although the offences were assessed as at the lower end of the range for insider trading, they were serious because the offender was a true insider, acted on four occasions over six and a half months, breached confidentiality and trust, and generated gross profits of $54,748.68. General deterrence required a custodial sentence, and no sentence other than imprisonment was appropriate. However, the offender's immediate guilty plea, exceptional co-operation, substantial contrition, prior good character, excellent rehabilitation prospects, absence of personal profit motive, family hardship, loss of employment and reputation, payment of the pecuniary penalty order, modest and unsophisticated...

Jurisdiction
Australia
Judgment Date
14 December 2011
Procedural Posture
Criminal Sentencing for Insider Trading Offences / Sentence Following Guilty Pleas to Four Counts Contrary to Sections 1043 A(1) and 1311(1)(a) of the Corporations Act 2001 (cth)
Outcome
Offender sentenced to imprisonment for 2 years on each count, to be served concurrently by way of an Intensive Correction Order in the community.
Legal Topics
['insider Trading' 'federal Sentencing' 'intensive Correction Order' 'guilty Plea' 'co Operation With Law Enforcement' 'general Deterrence' 'pecuniary Penalty Order']
['criminal Law' 'corporations Law' 'sentencing'] ['insider Trading' 'federal Sentencing' 'intensive Correction Order' 'guilty Plea' 'co Operation With Law Enforcement' 'general Deterrence' 'pecuniary Penalty Order']

Case Brief

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Procedural Posture

Criminal Sentencing for Insider Trading Offences / Sentence Following Guilty Pleas to Four Counts Contrary to Sections 1043 A(1) and 1311(1)(a) of the Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['What sentence was appropriate for four insider trading offences committed by a true insider while employed by Georgeson.' 'Whether no sentence other than imprisonment was appropriate under s17A of the Crimes Act 1914 (Cth).' 'Whether the term of imprisonment should be served by way of an Intensive Correction Order in the community.' "What weight should be given to the offender's guilty plea, co-operation with ASIC, contrition, prior good character, rehabilitation prospects, family hardship, pecuniary penalty order co-operation, and the increased maximum penalty for the fourth offence."]

Ratio Decidendi

Although the offences were assessed as at the lower end of the range for insider trading, they were serious because the offender was a true insider, acted on four occasions over six and a half months, breached confidentiality and trust, and generated gross profits of $54,748.68. General deterrence required a custodial sentence, and no sentence other than imprisonment was appropriate. However, the offender's immediate guilty plea, exceptional co-operation, substantial contrition, prior good character, excellent rehabilitation prospects, absence of personal profit motive, family hardship, loss of employment and reputation, payment of the pecuniary penalty order, modest and unsophisticated...

Court Disposition

Offender sentenced to imprisonment for 2 years on each count, to be served concurrently by way of an Intensive Correction Order in the community.

Orders

  • ['In respect of each count on the indictment, the offender is sentenced to a term of imprisonment of 2 years to commence on 30 January 2012 and to expire on 29 January 2014.' 'Pursuant to s7(1) of the Crimes (Sentencing Procedure) Act 1999 (NSW), an Intensive Correction Order is made and the sentence is directed to...