R v ZHU, Bo Shi [2013] NSWSC 127

R v ZHU, Bo Shi [2013] NSWSC 127

The seriousness of the multiple insider trading offences, committed by a true insider occupying positions of trust and involving premeditation, planning, concealment, breach of employment and legal obligations, as well as significant financial benefit, required full-time custodial sentences notwithstanding mitigating factors such as early guilty plea, cooperation, lack of prior convictions, youth, and adverse work environment. General deterrence was of particular importance given the nature of insider trading. Sentences were ordered, with partial concurrency and accumulation, to achieve totality and proportionality in accordance with sentencing statutes and relevant authorities.

Jurisdiction
Australia
Judgment Date
15 February 2013
Procedural Posture
Criminal / Sentencing After Guilty Plea
Outcome
Convicted on three counts of insider trading. Sentenced to full-time imprisonment with directions as to concurrency and accumulation.
Legal Topics
['insider Trading' 'sentencing' 'white Collar Crime' 'breach of Confidentiality' 'corporate Governance']
['criminal Law' 'corporations Law'] ['insider Trading' 'sentencing' 'white Collar Crime' 'breach of Confidentiality' 'corporate Governance']

Case Brief

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Procedural Posture

Criminal / Sentencing After Guilty Plea

Legal Issues

  1. 1 ['What is the appropriate sentence for three counts of insider trading committed by a true insider in breach of s 1043A(1)(d) and s 1311(1)(a) of the Corporations Act 2001 (Cth)?' 'To what extent do mitigating factors affect the sentence for insider trading offences?' 'How does premeditation, planning, position of trust, and involvement in establishing offending conduct affect objective seriousness and sentencing?' 'What role do general and personal deterrence play in sentencing for insider trading?']

Ratio Decidendi

The seriousness of the multiple insider trading offences, committed by a true insider occupying positions of trust and involving premeditation, planning, concealment, breach of employment and legal obligations, as well as significant financial benefit, required full-time custodial sentences notwithstanding mitigating factors such as early guilty plea, cooperation, lack of prior convictions, youth, and adverse work environment. General deterrence was of particular importance given the nature of insider trading. Sentences were ordered, with partial concurrency and accumulation, to achieve totality and proportionality in accordance with sentencing statutes and relevant authorities.

Court Disposition

Convicted on three counts of insider trading. Sentenced to full-time imprisonment with directions as to concurrency and accumulation.

Orders

  • ['In respect of offences committed between 6 November 2006 and 23 November 2007 (Caliburn Partnership Pty Ltd): 6 months imprisonment commencing 15 February 2013 and expiring 14 August 2013.' 'In respect of offences committed between 21 January 2008 and 9 July 2010 (Credit Suisse Management (Australia) Pty Ltd): 3...