Former investment manager charged over insider trading

Former investment manager, Rodney Forrest has been charged by the Australian Securities and Investment Commission (ASIC) via the Director of Public Prosecutions with insider trading.

The regulator said that Forrest has been charged with trading and procuring others to trade Platinum Asset Management shares while in possession of inside information relating to a takeover offer and separately providing unlicensed financial advice.

Forrest pleaded guilty to two counts of insider trading between August and September last year before Sydney Local Court today.

ASIC alleges he acquired around $2.6 million of Platinum shares while in possession of inside information, and that he procured others to also acquire Platinum shares.

ASIC also alleges Mr Forrest operated a financial services business without an Australian Financial Services (AFS) licence between 4 January and 8 October 2024.

The matter has been listed for mention in the Federal Court on 5 September 2025.

This case marks the first outcome for ASIC’s new criminal investigation taskforce formed late last year to boost resources and expertise for investigating insider trading cases.

This is also one of the first matters to be referred to the Federal Court under its expanded criminal jurisdiction.

Strengthening the investigation and prosecution of insider trading is one of ASIC’s 2025 enforcement priorities.

ASIC’s Market Surveillance team detected Mr Forrest’s insider trading activity via ASIC’s trading surveillance technology, which tracks suspicious trading activity in real time.

The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth).