R v GLYNATSIS [2013] NSWCCA 131

R v GLYNATSIS [2013] NSWCCA 131

Given the objective seriousness of the insider trading offences, including the large sums invested, multiple offences over a prolonged period, and the need for general deterrence, the sentencing judge erred in imposing sentences to be served by intensive correction in the community. Only a term of full-time custody would adequately reflect the gravity of the conduct. The sentences were manifestly inadequate and must be quashed and replaced by longer terms of imprisonment.

Jurisdiction
Australia
Judgment Date
07 June 2013
Procedural Posture
Crown Appeal Against Sentence / Court of Criminal Appeal Judgment on Crown Appeal
Outcome
Crown appeal allowed; sentences quashed; respondent re-sentenced to full-time custody with release on recognisance after 12 months.
Legal Topics
['insider Trading' 'sentence Appeal' 'general Deterrence' 'totality Principle' 'manifest Inadequacy of Sentence' 'cumulative and Concurrent Sentences' 'intensive Correction Order (ico)']
['criminal Law'] ['insider Trading' 'sentence Appeal' 'general Deterrence' 'totality Principle' 'manifest Inadequacy of Sentence' 'cumulative and Concurrent Sentences' 'intensive Correction Order (ico)']

Case Brief

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Procedural Posture

Crown Appeal Against Sentence / Court of Criminal Appeal Judgment on Crown Appeal

Legal Issues

  1. 1 ['Whether sentencing judge erred in treating trading for relatives as mitigating' 'Whether weight was incorrectly placed on profit versus amount invested' 'Whether general deterrence was adequately considered' 'Whether sentence was manifestly inadequate' 'Whether totality principle was applied correctly' 'Whether ICO was an appropriate disposition']

Ratio Decidendi

Given the objective seriousness of the insider trading offences, including the large sums invested, multiple offences over a prolonged period, and the need for general deterrence, the sentencing judge erred in imposing sentences to be served by intensive correction in the community. Only a term of full-time custody would adequately reflect the gravity of the conduct. The sentences were manifestly inadequate and must be quashed and replaced by longer terms of imprisonment.

Court Disposition

Crown appeal allowed; sentences quashed; respondent re-sentenced to full-time custody with release on recognisance after 12 months.

Orders

  • ['The Crown appeal is allowed.' 'The sentences passed on the respondent on 12 December 2012 are quashed.' 'In lieu, the respondent is sentenced as follows: (a) For insider trading offences in Counts 1–5: imprisonment for 15 months commencing 12 December 2012 and expiring 11 March 2014; (b) For insider trading...