Where an offender's psychiatric condition (including pathological gambling) has a demonstrated nexus to insider trading offending, general deterrence must be moderated and moral culpability may be reduced, even where the offender knew the conduct was wrong. However, youth and relative immaturity do not reduce the weight of general deterrence where the offender was operating in the adult sphere of business and commerce. Insider trading is characterised as a form of fraud for sentencing purposes. Off-market trading in highly geared derivatives (CFDs) is not less culpable than trading in underlying shares.
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