Former investment manager charged over insider | Australian Markets
Former investment manager, Rodney Forrest has been charged by the Australian Securities and Investment Commission (ASIC) by way of the Director of Public Prosecutions with insider trading.
The regulator stated that Forrest has been charged with trading and procuring others to trade Platinum Asset Management shares whereas in possession of inside data regarding a takeover offer and individually offering unlicensed financial advice.
Forrest pleaded guilty to 2 counts of insider trading between August and September final 12 months earlier than Sydney Local Court at this time.
ASIC alleges he acquired round $2.6 million of Platinum shares whereas in possession of inside data, and that he procured others to additionally purchase Platinum shares.
ASIC additionally alleges Mr Forrest operated a financial companies business with out an Australian Financial Services (AFS) licence between 4 January and eight October 2024.
The matter has been listed for point out within the Federal Court on 5 September 2025.
This case marks the primary final result for ASIC’s new prison investigation taskforce fashioned late final 12 months to spice up assets and experience for investigating insider trading instances.
This can also be one of the primary issues to be referred to the Federal Court underneath its expanded prison jurisdiction.
Strengthening the investigation and prosecution of insider trading is one of ASIC’s 2025 enforcement priorities.
ASIC’s Market Surveillance group detected Mr Forrest’s insider trading exercise by way of ASIC’s trading surveillance technology, which tracks suspicious trading exercise in actual time.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth).
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