WA: Suspended jail sentence for director over insider trading
A 59-year-old Perth company director has been handed an 18-month suspended jail sentencefor insider trading in the shares of a mining company, Roehampton Resources.
MICHAEL JOHN MACDERMOTT, a former director of Roehampton, was found guilty of six countsof insider trading by the West Australian District Court.
The Australian Securities and Investments Commission prosecuted MACDERMOTT after aninvestigation into the trading of Roehampton shares in May, 1996.
The court was told the controversial trading took place just days before a voluntaryadministrator was appointed to the company.
After the administrator was appointed, shares in Roehampton were suspended.
MACDERMOTT has been sentenced to 18 months' jail but the term has been suspended for two years.
He was also fined $20,000.
He will be retried on two counts on which the jury could not reach a verdict.
AAP RTV sd/ldj/de/wz/rca
KEYWORD: MACDERMOTT (PERTH)
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