Fund manager Rodney Forrest re-sentenced to five years and three months’ jail following insider trading appeal

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.

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Judgment

Background

In line with its 2025 enforcement priorities, ASIC established a dedicated insider trading team in late September 2024 to swiftly progress insider trading investigations and increase the number of criminal briefs referred to the CDPP.

In July 2024, ASIC released Report 787 Review of Australian equity market cleanliness (REP 787), which found that Australia's equity markets continue to operate with a high level of integrity and remain consistently among the cleanest in the world.

Mr Forrest pleaded guilty to the charges in August 2025 at the first mention of the matter in the Downing Centre Local Court (25-163MR).