Full-time imprisonment is appropriate for serious Corporations Act offences involving material omissions from prospectuses, misleading annual reports, and reckless misleading statements by a CEO, notwithstanding exemplary prior character, extensive philanthropy, genuine remorse, early guilty pleas, and cooperation with authorities. The need for general deterrence in white collar crime may displace the benefit that would otherwise attach to good character. A 25% discount for guilty plea and cooperation is appropriate where the plea was offered at the earliest opportunity and the defendant initiated cooperation, but the discount is reduced where the defendant does not undertake to give evidence against co-offenders.
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