Former Genetic Technologies Limited (Genetic) chief operating officer, Mr Geoffrey Edgar Newing, was yesterday handed a custodial sentence in the County Court of Victoria following an investigation by the ASIC into the trading of the company's shares, listed on the ASX under the stock code ‘GTG’.

Mr Newing, 44, of Hawthorn East, Victoria, was sentenced to a total of 22 months imprisonment and was ordered to serve six months of this sentence before being released on a recognisance release order.

The Judge noted that she would have imposed a sentence of two-and-a-half years imprisonment with a minimum of one year to serve if it had not been for Mr Newing’s guilty plea.

Her Honour stressed the importance of maintaining confidence in the integrity of Australia’s financial markets to investors and to the country's economy as a whole. She also noted the importance of compliance with the all three of the primary rules regulating the share market, being the requirement not to trade with inside information, the requirement not to engage in the manipulation of share prices, and the necessity of companies' timely disclosure of material information

Further details are available at ASIC.