Melbourne man charged over alleged insider trading in Kidman Resources shares (ASIC, 2023)

Judgment entered

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In August 2023 ASIC announced insider trading charges against Duncan Stewart over Kidman Resources shares ahead of Wesfarmers' 2019 takeover proposal. Updates record that he pleaded guilty and on September 15, 2025 was sentenced to 18 months' imprisonment, released on recognisance, with a A$64,975.48 penalty.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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Penalty as published

A$65k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in AUD. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

The Australian Securities and Investments Commission announced the charges on August 24, 2023 as release 23-227MR; later editor's notes record the plea and sentence.

ASIC alleged Stewart bought Kidman shares twice in April 2019 with inside information about Wesfarmers' proposal and encouraged a family member to buy. He pleaded guilty to one charge.

The record previously showed the matter as filed although the release records the sentence.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-08-24 ASIC media release

Primary documents

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• ASIC media release

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.