Title: Former Corporate Advisor Charged with Insider Trading at Genesis Minerals inAustralian Court

Background

In a significant corporate finance case in Australia, Cameron Waugh, a former corporate advisor, faced the Stirling Gardens Magistrates Court, charged with insider trading linked to Genesis Minerals Limited.

Allegations against Cameron Waugh

• Accusations of Insider Trading: Waugh was accused of making applications to purchase 747,626 shares of Genesis Minerals during the period from 14 to 21 September 2021.
• Possession of Confidential Information: ASIC alleged that Waugh held an influential position at Omnia Company Pty Ltd while undertaking the share transactions.

Confidential Information and Significant Announcements

• Funding Proposal: During this time, Waugh reportedly had knowledge of a multimillion-dollar Genesis share placement and a planned restructuring of the Genesis board, featuring Raleigh Finlayson and Neville Power as new members.
• Public Announcement and Price Surge: The public became aware of these developments on 22 September 2021 when Genesis published an ASX announcement, resulting in a substantial price increase of 187% for Genesis shares.

Court Appearance and Subsequent Referral

• Guilty Plea and Sentencing: Waugh pleaded guilty to a count of applying for shares with insider information, contravening s1043A of the Corporations Act, on 24 January 2024.
• Referral to the Supreme Court for Sentencing: The case was then referred to the Supreme Court of Western Australia for sentencing on 26 March 2024, with the Commonwealth Director of Public Prosecutions managing the prosecution.

Penalty for Insider Trading

• Maximum Penalty: At the time of the alleged offense, breaching s1043A of the Corporations Act carried a maximum imprisonment penalty of 15 years.