Richard Evans (formerly Evertz), the former chief executive officer (CEO) of collapsed ASX-listed technology company Big Un Limited (Big Un), has pleaded guilty to one charge of communicating inside information in the Sydney District Court.
Mr Evans communicated inside information about Big Un to a shareholder around 10 January 2017, when he ought reasonably to have known the shareholder would be likely to trade Big Un shares and options.
The inside information concerned the number of customers who had been onboarded to purchase Big Un's promotional 'TV Show' package at a cost of $12,000, together with a $20 million funding arrangement with 'Finstro', a product of Sydney-based financier First Class Capital, which allowed customers to make this purchase on deferred payment terms.
The trial has been vacated with a sentencing hearing set down for 21 August 2026.
The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Since 2009, 46 people have been criminally convicted of insider trading following ASIC investigations, including senior executives and company chairs.
Background
Big Un was one of the most high-profile tech sector collapses in 2018. It was one of the top performing shares listed on the ASX in 2017. In February 2018, Big Un's shares were suspended from trading, after information about its funding arrangement with First Class Capital was released. Big Un was placed into voluntary administration and delisted from the exchange in August 2018. It is now in liquidation.
ASIC has previously taken action against four additional people associated with Big Un:
- The auditor of Big Un, Mr Graham Rothesay Swan, who was convicted for failing to conduct the 2017 audit of Big Un in compliance with auditing standards (22-198MR).
- Mr Jakin Leong Loke, whose auditor registration was suspended for 12 months by the Companies Auditors Disciplinary Board due to his involvement in the 2017 audit of Big Un (22-049MR).
- Former investment analyst, Mr Michael Ming Jinn Ho, who was sentenced to three years imprisonment to be served by an intensive correction order. Mr Ho was convicted on five counts of insider trading and one count of communicating inside information in respect of Big Un between 2016 and 2018 (20-209MR).
There are also ongoing criminal proceedings against Big Un former chief financial officer, Mr Andrew Corner (23-161MR). ASIC alleges Mr Corner procured two private companies in his control to sell 1.7 million Big Un shares for a total value of more than $5 million whilst in possession of inside information. In a trial concluding on 30 March 2026, the jury was unable to reach a unanimous verdict, and the matter is listed for further mention on 20 April 2026.
Communicating inside information is an offence under section 1043A (2) of the Corporations Act 2001.
At the time of the offending, the maximum penalty was 10 years imprisonment and/or a fine of 4,500 penalty units, or, if the court could determine the total value of the benefits that had been obtained by one or more persons and were reasonably attributable to the commission of the offence, three times that total value.
The maximum penalty increased in March 2019 to 15 years imprisonment and/or a fine of 4,500 penalty units.
Strengthening investigation and prosecution of insider trading conduct is one of ASIC's 2026 enforcement priorities. ASIC has established a dedicated insider trading team to swiftly progress insider trading investigations and increase the number of criminal briefs referred to the CDPP.
