P.M. BRIEFING : Jurist Clears Sydney Stockbroker
Australian stockbroker Roger Bain was found not guilty today of insider trading charges, a Corporate Affairs Commission spokesman said.
The spokesman said Sydney Magistrate Roger Dive dismissed all four charges against Bain.
Bain had been accused of insider trading and passing on price sensitive information to Bain & Co. employees relating to the purchase of 20,000 shares in Australian United Gold in June, 1987. But Dive said the CAC had failed to prove Bain had used price-sensitive information in dealing in the shares.
Bain was accused of buying the shares days before Australian United Gold publicly announced a commercial discovery. Bain said he purchased the shares believing a press release he obtained on the find was public knowledge.
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