Ex-Multiemedia director pleads guilty March 22, 2005 - 5:34PM
A former director of internet and technology group Multiemedia has pleaded guilty to 25 charges of failing to notify the Australian Stock Exchange of trading in the company's shares.
Clinton Henry Starr, who was a Multiemedia director from November 2002 to November 2004, was fined $7,500 and ordered to pay costs of $6,000 after he pleaded guilty to the charges, brought by the Australian Securities and Investments Commission (ASIC), in the Melbourne Magistrate's Court on Monday.
In a statement, ASIC said that Starr had sold 28.75 million Multiemedia shares and acquired 10.05 million shares between December 2002 and November 2003 without notifying the ASX.
Starr pleaded guilty to 22 charges of failing to notify the exchange of a change of director's interest in the company within 14 days and three charges of failing to notify the ASX of a change in his substantial holding within two business days.
ASIC deputy executive director of enforcement Mark Steward said it was important that directors uphold their responsibilities to ensure market transparency.
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