Mr Ming Jinn Ho will serve the next three years in an intensive correction order – in the community – due to the fact that he co-operated with the investigation.
In a statement released by the Australian Securities and Investments Corporation (ASIC), Michael Ming Jinn Ho used inside information to trade on approximately $1.6 million in assets communicated to him by Big Un CEO Richard Evertz.
Mr Ho pleaded guilty to five counts of insider trading and one count of communicating inside information.
Mr Ho co-operated with ASIC throughout the course of its investigation by participating in voluntary interviews and providing documents.
Mr Ho also made a formal statement admitting to the offences and the facts concerning them.
Judge King quantified the discount applied to Mr Ho’s sentence of 50 per cent in recognition of his co-operation and early guilty plea.
“ASIC will take strong action against market misconduct in order to ensure Australia’s financial markets remain robust, fair and efficient,” said ASIC deputy chair Daniel Crennan QC, adding that individuals who co-operated with ASIC may receive “significant discounts” in sentencing.
“ASIC will assess the level of co-operation it receives, and where appropriate, provide information about the nature, extent and timeliness of that co-operation to the court.”
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