09/08/2013 - 15:29

Perth man guilty of insider trading

09/08/2013 - 15:29

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A Perth-based businessman has pleaded guilty to insider trading relating to the takeover of MacArthur Coal by US-based Peabody Energy Corporation in 2011.

Appearing in Perth Magistrates Court today, David Luong pleaded guilty to one count of insider trading, following an investigation by the Australian Securities and Investments Commission.

ASIC said the charge related to Mr Luong’s possession of important information regarding the takeover.

Mr Luong purchased 4,200 shares and 2,000 contracts for difference in MacArthur between July 7 and July 12 in 2011, using the information.

He will be sentenced in October by the WA District Court.

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