Former mining executive has been sentenced to jail for insider trading by the New South Wales Supreme Court.
Calvin Zhu has been found guilty of using inside information to buy and sell shares whilst working for Chinese-owned Hanlong Mining.
He admitted he made profits for himself and associates of more than $1.3 million, through the use of information relating to takeover bids, ABC reported.
At the NSW Supreme Court on Friday, Justice Peter Hall sentenced Zhu to two years and three months in jail, he will serve a minimum of 15 months.
The Australian Securities and Investments Commission’s (ASIC) market surveillance team noticed the suspicious trades.
The judge took into consideration Zhu’s remorse, cooperation with ASIC’s investigations, and early guilty plea.
Zhu's lawyer told the ABC the judge recognised his client's remorse and passed the appropriate sentence.
The involvement of Hanlong Mining’s former CEO, former chief operating officer, and former chief financial officer is still under investigation.