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The previous financial officer of the video production business was found to have inside knowledge when he procured two private companies to purchase shares.
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Former CFO charged with insider trading
14 June 2023
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9 minute read
The former CFO of video production company Big Un Limited, Andrew Corner, has been charged with insider trading.
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ASIC alleged that Mr Corner was in possession of inside information in late 2017 when he acquired two private companies to sell 1.7 million Big Un shares for a total value of more than $5 million.
The regulator alleged Mr Corner possessed information which related to a funding arrangement between a subsidiary of Big Un - Big Review TV Limited and financier First Class Capital.
Big Un Limited was placed into voluntary administration and delisted from the ASX in August 2018 and is now in liquidation along with Big Review TV Limited.
The regulator said the maximum penalty for trading while in possession of inside information at the time of the offence was 10 years imprisonment and, or, a fine of 4,500 penalty units.
The case of Mr Corner was the latest action taken against members of Big Un Limited with ASIC previously having convicted the auditor of the firm, Graham Swan, for failing to conduct the 2017 audit in compliance with auditing standards and Michael Ho, who was sentenced to three years’ imprisonment after he was convicted on five counts of insider trading and one count of communicating inside information.
ASIC said it had also commenced proceedings against Big Un’s former CEO Richard Evans for allegedly communicating inside information to Mr Ho in 2017.
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