Ex-Vocus chair Vaughan Bowen found not guilty of insider trading

Overview

Former Vocus Group Limited chair Vaughan Bowen was found not guilty of two counts of insider trading following a nearly five-week trial in the Melbourne County Court. The jury returned a not guilty verdict on both counts.

Background

ASIC alleged that on 4 June 2019, Mr Bowen - from Brighton, Victoria - sold more than 5.5 million Vocus shares while holding inside information about EQT Infrastructure IV Fund withdrawing a takeover bid for Vocus. The allegation was that the sale was intended to avoid losses when the share price dropped after that announcement was made public.

How the case was prosecuted

ASIC referred the matter to the Commonwealth Director of Public Prosecutions, which prosecuted the case.

Outcome

The jury acquitted Mr Bowen on both counts of insider trading.

Staying informed

ASIC media releases about enforcement actions are published at asic.gov.au/about-asic/news-centre/find-a-media-release/.

This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.