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Gun adviser Gary Castledine charged over $1m diamond buy
Daryna Zadvirna and Neale PriorThe West AustralianFri, 9 April 2021 2:32PM
Gary Castledine leaves court this morning. Credit: Ian Munro/The West AustralianVeteran Perth corporate adviser Gary Castledine has been charged with insider trading over $1 million of alleged share dealings ahead of a bumper diamond discovery being unveiled.
Mr Castledine faces up to a decade jail if he is found guilty of insider trading by allegedly acquiring shares in Miles Kennedy’s Lonrho Mining before significant diamond hits were announced in August 2012.
He has also been charged with conveying the insider information about the Angolan discovery to a wealthy client, who did not act on the alleged tip from Mr Castledine.
Facing Perth Magistrates’ Court this morning, the former top stockbroker only spoke to to confirm he understood the charges after they were read out. He allegedly bought the Lonrho shares for family members.
The charges were laid after a joint investigation by the Australian Federal Police, the Australian Taxation Office and the Australian Securities and Investments Commission.
The prosecution did not oppose bail, but said Mr Castledine may be a flight risk due to his frequent travel for work.
Mr Castledine’s lawyer James Scovell told the court his client’s overseas travel had halted due to COVID-19 but he had been an frequent visitor to Johannesburg, Hong Kong and The Republic of Congo for work purposes.
Mr Scovell said any flight risk could be mitigated by bail conditions, including Mr Castledine telling Federal prosecutors before travelling.
Magistrate Raelene Johnston said while Mr Castledine was facing “serious allegations”, she agreed that his flight risk could be mitigated.
Mr Castledine’s bail was set at $50,000 of personal undertaking and a $50,000 surety.
He must give notice to Federal prosecutors a week before travelling interstate or overseas and provide a copy of his itinerary.
https://thewest.com.au/business/markets/gun-adviser-gary-castledine-charged-over-1m-diamond-buy-ng-b881842384z
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