ASCI announced Tuesday that the Supreme Court of Western Australia has sentenced geological services provider Darryl Brian Mapleson to 12 months’ imprisonment for insider trading in Beacon Minerals Ltd shares, releasing him immediately on a $5,000 recognisance to be of good behaviour for two years.
ASIC: Geologist Fined and Given Suspended Sentence for Beacon Minerals Insider Trading
He was also fined $60,000.
Mapleson, who pleaded guilty, was sentenced on 6 August for one count of insider trading, regarding trades executed in January 2017.
ASIC said Mapleson obtained inside information through his role at BM Geological Services Pty Ltd, which was contracted to provide geological services to Beacon Minerals.
He was also engaged as the company’s Competent Person for Australian Securities Exchange announcements on drilling results.
The charge is said to have been related to Mapleson procuring Rosdarem Pty Ltd and Rosdarem Investments Pty Ltd, both under his directorship, to buy 6,792,850 Beacon Minerals shares between 21 and 24 January 2017 while holding inside information.
The information concerned results from stage one drilling at the company’s Jaurdi Gold Project, which had not been disclosed to the market.
When the results were announced on 31 January 2017, Beacon’s share price rose 33 per cent.
The case was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC referral.
