ASIC charges lead to arrest of insider trader in Australia
Cameron Waugh, of Cottesloe, WA, has been arrested by the Australian Federal Police after the Australian Securities and Investments Commission (ASIC) charged him with offences relating to insider trading and subsequently sought a warrant for his arrest.
ASIC alleges that Mr Waugh traded in shares of Genesis Minerals Limited on the ASX from 14 September 2021 to 20 September 2021, while in possession of inside information about Genesis.
The regulator has obtained bail conditions preventing Mr Waugh from leaving Australia.
Mr Waugh appeared before the Bunbury Magistrates’ Court on 16 December 2022, charged with six counts of insider trading contrary to s1043A of the Corporations Act 2001 (Cth).
The maximum penalty for an insider trading offence is 15 years imprisonment. ASIC expects the matter to return to the court on 13 January 2023.