A former investment manager from Greater Sydney has pleaded guilty to insider trading.
Rodney Forrest admitted two counts in Sydney’s Local Court today. The charges relate to trades in Platinum Asset Management shares in August and September 2024.
ASIC alleges Mr Forrest bought about $2.6 million worth of Platinum shares while holding inside information about a takeover offer. The regulator also alleges he procured others to buy Platinum shares.
ASIC further alleges he ran a financial services business without an Australian Financial Services licence between 4 January and 8 October 2024.
The matter is listed for mention in the Federal Court on 5 September 2025. The Office of the Director of Public Prosecutions (Cth) is prosecuting.
ASIC said this is the first outcome for its criminal investigation taskforce formed late last year to bolster insider trading investigations. It is also one of the first matters to be referred to the Federal Court under its expanded criminal jurisdiction. Strengthening insider trading enforcement is one of ASIC’s 2025 priorities.
ASIC said its Market Surveillance team detected the trading in real time using its surveillance technology.
Mr Forrest is charged with two offences under s1043A(1) of the Corporations Act 2001 and one offence under s911A. The offences are rolled up as they involve multiple instances. The s911A offence is to be taken into account when he is sentenced for the insider trading offences, pursuant to s16BA of the Crimes Act 1914 (Cth).
An offence against s1043A carries a maximum penalty of 15 years’ imprisonment or the greater of $1,485,000 or three times the benefit derived for individuals. Carrying on a financial services business without a licence is a criminal offence under sections 911A and 1311(1). For individuals, the maximum penalty is five years’ imprisonment and/or a fine of up to 600 penalty units. For corporations, the maximum fine is up to 6,000 penalty units.
