Former director of Lion Selection Ltd (Lion), Mr John Francis O’Reilly, was today convicted and sentenced in the Supreme Court of Victoria on one count of insider trading contrary to section 1043A(1) of the Corporations Act.

Mr O'Reilly, 65, of Twickenham, London, pleaded guilty and was sentenced to a term of imprisonment of ten months, but immediately released upon entering into a recognisance of $500 to be of good behaviour for a period of 18 months. Mr O'Reilly was also ordered to pay a fine of $30,000.

Mr O'Reilly was also ordered to pay a pecuniary penalty to the Commonwealth in the amount of $61,600, being the expense outlaid in the purchase, and the benefits derived from the sale of the shares. Mr O'Reilly consented to this order.

The sentencing followed an investigation by the Australian Securities and Investments Commission into an order Mr O’Reilly placed with his stock broker on 8 May 2008 to purchase 50,000 shares in copper and gold exploration company, Indophil Resources NL (Indophil).

Further details are available at ASIC.