Last Friday, 20 December 2024, Vittorio Letizia, of Cottesloe, Perth appeared at Perth Magistrates' Court charged with five counts of insider trading in connection with purchases made in Genesis Minerals Limited shares in September 2021.
ASIC alleges that Mr Letizia engaged in insider trading on five occasions in September 2021 when he purchased Genesis shares while in possession of inside information.
The matter is next listed for mention at the Perth Magistrates Court on 31 January 2025.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Trading while in possession of inside information is an offence under section 1043A(1) of the Corporations Act. At the time of the alleged offending, a breach of s1043A of the Corporations Act carried a maximum penalty of 15 years' imprisonment or the greater of $999,000 or three times the benefit derived.
