Australian Fund Manager Profits $300K from Insider Trading, Sentenced to Six Years
The Federal Court in Sydney has sentenced former investment manager Rodney Forrest to six years’ imprisonment for insider trading and procuring others to trade in shares of Platinum Asset Management Limited valued at more than $3 million.
In August 2024, Forrest unlawfully accessed the computer of the Chairman of Regal Partners Limited and photographed confidential takeover documents known as the “Pitch Deck.” He subsequently traded and encouraged others to trade in Platinum shares before leaking details of the takeover to the media, profiting $300,000.
Justice Bromwich imposed a five-year sentence for insider trading and a two-year sentence for procuring others to trade, with one year of the latter offence to be served cumulatively. Forrest’s total sentence amounts to six years, with a non-parole period of three years. He will be eligible for parole on 22 January 2029.
The Court also considered an additional offence: Forrest provided unlicensed financial services as an investment fund manager to two entities over a nine-month period.
ASIC Investigation
The Australian Securities and Investments Commission (ASIC) detected Forrest’s suspicious trading activity in September 2024 through its market surveillance team. ASIC’s insider trading unit launched an investigation, executed a search warrant at Forrest’s home in November 2024, and formally charged him in August 2025.
Regulatory Response
ASIC Chair Joe Longo emphasized that prosecuting insider trading remains a core priority for the regulator. Since 2009, ASIC investigations have led to 46 criminal convictions for insider trading, involving senior executives and company chairs. The maximum penalty for insider trading under Australian law is 15 years’ imprisonment.
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