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Sentenced by the Perth District Court on Friday, David Thien Anh Luong was convicted and fined $30,000.
He also agreed to an additional penalty of $15,002.94 under the Proceeds of Crime Act, with the amount equalling the profit he made from his insider trading.
The Australian Securities & Investments Commission said Luong, a former commercial analyst, used his inside knowledge of the takeover offer to profit from 4200 Macarthur shares and 2000 contracts for difference he bought between July 7 and 12, 2011 – with Macarthur first announcing the news to the market on July 11.
ASIC said it was the third conviction on this matter, with former Royal Bank of Canada associate John Kay Jin Khoo sentenced to 14 months jail in August and former Active Capital Management director Mathew Tan fined $40,000 in April.
“Insider trading is a difficult, complex matter to successfully prosecute,” ASIC commissioner Cathie Armour said.
“The sentencing of these three men shows that ASIC has the people, the power and the systems in place to ensure those who engage in this type of behaviour are dealt with.
“The sentencing of these three individuals highlights the importance of convicting those who hold – and pass on – inside information.”
Khoo is appealing the severity of his sentence.
