The former chief executive officer of Sirtex Medical was given a suspended 18-month prison sentence for insider trading on Thursday by a court in Sydney on the condition of good behaviour for three years, Australia's corporate regulator said.
Gilman Edwin Wong, who headed the liver cancer treatment firm between 2005 and 2017, pleaded guilty to insider trading last year.
Wong will be released on a A$10,000 bond and is disqualified from managing a company for five years, the Australian Securities and Investments Commission (ASIC) said in a statement. (https://bit.ly/2XXE3Wu)
Reuters was unable to contact Wong or his lawyers. The case was heard at a district court on Thursday morning, according to an online court registry.
Wong was charged with selling 74,968 shares of Sirtex in 2016 valued at A$2.1 million ($1.45 million), while in possession of confidential information on the sales of its product SIR-Spheres, ASIC said.
The sale was made a couple months before a surprise earnings downgrade by Sirtex, which was listed in Australia up till September 2018 after a $1.4 billion buyout by a Chinese consortium.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shailesh Kuber)
