Mr Ulf Ronnie Lindskog, 45, of Middle Park, Victoria, today pleaded guilty in the Melbourne Magistrates’ Court to four charges of insider trading following an ASIC investigation.
The charges brought by ASIC relate to seven separate orders Mr Lindskog placed in March, April, May and June 2011 to purchase a total of 88,676 shares in Spotless Group Ltd. At the time, Mr Lindskog was a member of a consulting team working with multinational private equity firms on a proposed takeover of Spotless in 2011.
ASIC alleges that at the time Mr Lindskog purchased the shares in Spotless, he possessed inside information concerning the intentions of the private equity firms regarding a proposed takeover bid for Spotless.
The alleged insider trading was identified by ASIC’s Market Surveillance Team and referred to ASIC’s Market Integrity Enforcement Team for investigation.
Mr Lindskog has been committed for a sentencing hearing in the County Court of Victoria on 26 February 2013.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
This is the 23rd insider trading action ASIC has brought since January 2009. Of those, 14 have been successfully prosecuted, with eight cases finalised and six awaiting sentencing (of which five defendants, including Mr Lindskog, have pleaded guilty and one defendant has been found guilty by a Supreme Court jury). A further eight defendants are awaiting trial and will contest their charges.
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ASIC: Former Consultant Pleads Guilty To Insider Trading
Date 28/11/2012