The Commonwealth Department of Public Prosecutions has dropped insider trading charges against Hartleys stockbroker David Michael at a court hearing in Perth today.
Mr Michael, a nephew of former Western Australian Governor Ken Michael, was charged in 2009 over allegedly receiving inside information on the stock price of a WA-based company to gain a benefit.
It was alleged the offences were committed in August 2002, when a Michael family company purchased $28,925 worth of shares in a listed Australian stock, which were later sold for a loss of $560.
At the time of the offences, Mr Michael was working for stockbroking firm William Noall.
Mr Michael said he was pleased the matter was now over, and said the decision today by the CDPP had vindicated his decision to fight the charges.
“I always maintained my innocence and I am pleased that the CDPP has decided not to proceed with these charges,” Mr Michael said.
“This experience has been extremely difficult for my family, in particular my wife and children.
“My family has been living with this for the past nine years, basically having to put our lives on hold.
“Now that the charges have been discontinued, we will attempt to put some normality back into our lives.”
Mr Michael also thanked Hartley's for its support throughout the saga.
