A SHARE trader appeared in a Melbourne court today charged with insider trading relating to a West Australian mining company. Peter Woodland, 45, of Frankston, in Melbourne's southeast, is charged with 17 counts of insider trading, and is facing a committal hearing at the Melbourne Magistrates' Court.
He is contesting the charges.
The Australian Securities and Investments Commission (ASIC) alleges Mr Woodland traded securities in Kanowna Consolidated Gold Mines, now known as Andean Resources Ltd, on five occasions between November 28 and December 5, 2003.
ASIC alleges he had insider knowledge of the company's acquisition of the Cerro Negro gold mining project in Argentina before it was made public on December 10, 2003.
After the acquisition was announced to the Australian Stock Exchange, the company's shares closed at 9.1 cents, up 2.5 cents from when it requested a trading halt on December 8, because of concerns information had been leaked about the deal.
ASIC also alleges Mr Woodland passed his inside knowledge onto people he met through the internet-based financial services chat site, Hotcopper.
Magistrate Peter Mealy adjourned the hearing until tomorrow.
