The Full Federal Court has re-sentenced former investment manager Rodney Forrest to five years and three months' imprisonment following his appeal for insider trading and procuring others to trade in more than $3 million of Platinum Asset Management shares.
Mr Forrest's non-parole period of three years remained unchanged, and he will be eligible for parole on 23 January 2029.
Mr Forrest was initially sentenced to six years' imprisonment on 23 January 2026 (26-007MR). He appealed his sentence and, following his appeal, Mr Forrest's total effective sentence has been reduced by nine months.
The Full Court allowed the appeal on the grounds that the sentencing judge erred in finding that Mr Forrest's false denials when initially interviewed by ASIC affected the assessment of the objective seriousness of his offending, rather than limiting this consideration to remorse and the weight to be given to his plea.
Despite the identified error, the Court emphasised Mr Forrest's offending remained serious, involving premeditation, planning, a significant breach of trust and a high degree of sophistication, justifying a substantial custodial sentence.
'These offences are unquestionably serious. It is a significant example of offences of this nature,' the Court held.
The Full Court also held that general deterrence was a primary sentencing consideration in this matter.
The matter and appeal were prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP), following a referral and six-month investigation from ASIC.
ASIC has a 2026 enforcement priority related to strengthening investigation and prosecution of insider trading conduct.
