Former Sirtex Medical chief executive Gilman Wong could face up to 10 years in jail after pleading guilty to insider trading.
Mr Wong pleaded guilty at Sydney’s Downing Central Local Court in Sydney on Tuesday to one charge of insider trading and has been committed to the Sydney District Court for sentencing, the Australian Securities and Investments Commission said.
ASIC alleged that Mr Wong was in possession of inside information concerning the biotech group’s sales when he sold 74,698 shares in Sirtex in October 2016.
The maximum penalty for an insider trading offence is 10 years’ prison.
Sirtex was bought last year by China’s CDH Genetech.