Insider Trading 5
served would be twenty four months on the condition that the sentence reduction received by
Curtis’ accomplice, Mr. Hartman, for cooperating with the authorities is done away with.
The final sentence by the judge thus stood at a maximum of five years in prison, a fine of
$220,000, or both based on one count of conspiracy to sub section 11.5 (1) of the Criminal Code
(Cth) to commit an offence, being the contravention of the sub sections 1131 (1) and 1043A (1)
(d) of the Corporations Act 2001 (Cth). The court ordered that Mr. Curtis be released after
serving one year in prison only if he exhibited good behavior within the twelve months.
Appropriateness of the Penalty:
The decision made by the jury was certainly appropriate as all the facts found in the case
were regarded as crimes based on the various laws in place. With reference 1311 (1) (a), a
person can be found to be guilty of doing any acts that are forbidden in section 1043A (1) (d). As
a result, Mr. Curtis was undoubtedly guilty by virtue of having committed the crimes prohibited
in s1043A (1) (d). Based on these two articles, he was certainly an insider.
Under section 11.5 (1) of the Criminal Code (Cth), ‘a person who conspires with another
person to commit an offence punishable by imprisonment for more than 12 months, or by a fine
of 200 penalty units or more, is guilty of the offence of conspiracy to commit that offence and is
punishable as if the offence to which the conspiracy relates had been committed.’ The offence
perpetrated by the defendant, Mr. Curtis, as at the time carried with it a maximum sentence of
five years or a fine of $220,000, or both. Based on the quote section of the Criminal Code above
the offence of conspiring to commit the crime of insider trading was treated as if the actual
offence of insider trading had been executed.