Mr Noel James Stephenson of Pymble, NSW has been convicted and ordered to pay the Commonwealth $20,000 after pleading guilty to an insider trading charge brought by ASIC.

Mr Stephenson admitted to the NSW Supreme Court that he breached section 1043A (1) of the Corporations Act 2001 when he disposed of 4514 shares in Sam’s Seafoods Holdings Limited (Sam’s Seafoods).

The Commonwealth Director of Public Prosecutions prosecuted the case.

As a result of the conviction Mr Stephenson is automatically disqualified from managing corporations for a period of five years.

Further details are available at ASIC.