Regina v J B Loiterton [2005] NSWSC 905

Regina v J B Loiterton [2005] NSWSC 905

Mr Loiterton knew that the announcement to the Stock Exchange was materially misleading at the time it was made, as established by evidence of his knowledge of the conditions attached to the sale, his involvement in negotiations, the deteriorating financial position of Clifford, and his motive to boost the share price. His conduct was objectively serious and warranted a custodial sentence.

Parties
Prosecutor: Regina; Offender: John Barrie Loiterton
Jurisdiction
Australia
Judgment Date
13 September 2005
Procedural Posture
Criminal / Sentencing
Outcome
convicted and sentenced
Legal Topics
Misleading Statements, Australian Stock Exchange, Director's Duties, Sentencing, White Collar Crime
Criminal Law Corporations Law Misleading Statements Australian Stock Exchange Director's Duties Sentencing White Collar Crime

Case Brief

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Parties

Regina

Prosecutor

John Barrie Loiterton

Offender

Procedural Posture

Criminal / Sentencing

Legal Issues

  1. 1 Whether Mr Loiterton knew that the announcement to the Stock Exchange on 21 October 1998 was materially misleading
  2. 2 Whether the circumstances or evidence established Mr Loiterton's knowledge beyond reasonable doubt

Ratio Decidendi

Mr Loiterton knew that the announcement to the Stock Exchange was materially misleading at the time it was made, as established by evidence of his knowledge of the conditions attached to the sale, his involvement in negotiations, the deteriorating financial position of Clifford, and his motive to boost the share price. His conduct was objectively serious and warranted a custodial sentence.

Court Disposition

convicted and sentenced

Orders

  • Sentenced to a term of imprisonment of 3 years commencing on 13 September 2005 and ending on 12 September 2008.
  • Order that Mr Loiterton be released on 12 March 2007 upon giving security in the sum of $10,000 without surety by recognisance to be of good behaviour during the balance of term.