A former Greater Sydney-based investment manager has pleaded guilty to insider trading and providing unlicensed financial advice in connection with shares of Platinum Asset Management, the Australian Securities and Investments Commission (ASIC) said in a release on Tuesday.
Former Investment Manager Pleads Guilty in Platinum Asset Management Insider Trading Case
Rodney Forrest reportedly admitted to two counts of insider trading between August and September 2024 before Sydney’s Local Court on Tuesday.
ASIC alleges he acquired about $2.6 million worth of Platinum shares while in possession of confidential information relating to a takeover offer and procured others to make similar trades.
ASIC further alleges Forrest operated a financial services business without an Australian Financial Services licence between January and October 2024.
The regulator stated that the unlicensed financial advice charge will be taken into account when he is sentenced.
The case, which has been listed for mention in the Federal Court on 5 September 2025, is one of the first to be referred to the court under its expanded criminal jurisdiction.
It is also the first outcome for ASIC’s new criminal investigation task force, set up in late 2024 to strengthen insider trading enforcement.
ASIC’s Market Surveillance team detected the activity through its real-time trading surveillance technology.
The matter is being prosecuted by the Office of the Director of Public Prosecutions.
Insider trading offences under section 1043A of the Corporations Act carry a maximum penalty of 15 years’ imprisonment or a fine of at least $1.48 million.
