Melbourne man sentenced in Kidman Resources insider trading case (ASIC, 2025)

Judgment entered

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In September 2025 Duncan Stewart was sentenced to 18 months' imprisonment, released on a A$10,000 recognisance, on condition of paying a A$64,975.48 penalty, for insider trading in Kidman Resources shares before Wesfarmers' takeover proposal.

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 sentence on September 15, 2025 as release 25-202MR.

Stewart pleaded guilty on August 22, 2024 to buying A$130,635.87 of Kidman shares in April 2019 on inside information about the Wesfarmers proposal and sold after the May 2, 2019 announcement for a profit of about A$64,975.48.

The record previously showed no outcome.

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. 2025-09-15 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.