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Genesis Minerals insider trading: Cameron Waugh jailed for nine months

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Cameron Waugh has been handed down a two-year jail term with 15 months of the sentence suspended for his insider trading in gold stock Genesis Minerals.

Already a subscriber?Insider trader Cameron Waugh will spend at least nine months in jail after pleading guilty to charges that rocked his friends and elite business circles in the mining mecca of Western Australia.

The chartered accountant gained the inside information while working for an entity known as Omnia Company on a funding proposal that included a multimillion-dollar placement of Genesis shares and ato bring in mining industry heavyweights Raleigh Finlayson and Neville Power. Omnia, founded by former Fortescue Metals Group chief executive Nev Power and his son Nick Power, started working with Mr Finlayson – the former Saracen and Northern Star boss – on plans for the Genesis transformation in mid-2021.

 

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