This is a very recent case where inside trading has been addressed as a very serious offence in today’s market. That is because ASIC wanted to make sure that the message of harsher penalties, fine and offences is to be sent out. This current trend is different from what used to happen before where the consequences were milder. In 2010, maximum sentence that could be given for inside trading was doubled from 5 to 10 and the fine was increased from $220,000 to either $490,000 or three times the profits which were thus made by such profits. Usually the penalties and the punishments are harsher but Curtis only received a sentence of two years. This was done because the case took place in between 2007 and 2008, when the penalties were actually milder than it currently is (Edelman and Bant, 2016).
There is now low tolerance for any kind of inside trading, and everyone involved in such business should be aware that they can be fined for an amount of $4,950,000 or an amount that is triple the annual turnover. Apart from the harsh penalties which have been exposed, the damage to the reputation and the name comes additionally. Furthermore, the conspiracy charge that is levied by ASIC is a major implication of such offences.
The case which has been given above is more of a reminder to all the people who are working in the market and have the capacity to indulge themselves in inside trading as to what harm it can bring to the corporation and the person individually. It talks about the serious consequences that arise from the inside trading and indulging oneself in such activities. These cases are not just implying their decisions to the financial services offered by companies but also extend its branch to the public companies. Especially the ones which are listed to make sure that the people who are working for such companies, like the directors and the employees and the offices understand their position in the company. Therefore they should also understand the consequences of their actions and that obligations that they have towards the company which can be carried out by complying with the regulations which have been made in context with the trading policies. The policies which have been made for the processes for employee induction should be updated and the employees should be trained as per them.
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