Ex-investment banker Rodney Forrest’s sentence lessened on appeal
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The news: Former investment manager Rodney Forrest has had his prison sentence for insider trading relating to shares in Platinum Asset Management has been lessened by nine months to just over five years.
The case was brought by corporate regulator ASIC in August 2025 after detecting suspicious trading activity and a subsequent search warrant was executed.
The context: In February 2026, Forrest was sentenced to a cumulative prison term for six years for insider trading offences and procuring others to trade. This has now been reduced to five years and three months.
Forrest will have a non-parole period of three years.
In 2024, Forrest gained unauthorised access to the computer of Regal Partners and photographed documents in relation to the takeover of Platinum.
Forrest then traded and procured others to trade Platinum shares, making more than $300,000 in profit. He also leaked details of the deal to the media.
The prison sentence for insider trading has been lessened from five years to four years and six months. The sentence for soliciting others to trade has been lessened from two years to one year and nine months.
The full Federal Court bench was comprised of Justice Michael Lee, Justice Wendy Abraham and Justice Samuel Vandongen.
After reading the judgment, Justice Lee issued a replacement warrant for the imprisonment of Forrest.
The source: Federal Court Judgment
