General deterrence must ordinarily assume significant weight in sentencing for insider trading, notwithstanding its absence from s 16A(2) of the Crimes Act 1914 (Cth). The objective gravity of insider trading depends on the position of the accused (true insider vs tip recipient), degree of subterfuge, amount invested, anticipated gain, and impact on market confidence. A single uncamouflaged trade by a true insider yielding modest profit, accompanied by a plea of guilty, cooperation, and prior exemplary character, may be characterised as mid-range and does not necessarily require immediate custody.
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