In sentencing for insider trading, the amount invested or placed at risk is a more important indicator of criminality than the profit ultimately realised, because market damage occurs at the point of investment and profit is largely determined by chance. An Intensive Correction Order is not appropriate for insider trading involving nine counts over 12 months with $371,507 invested across eight companies; such offending requires full-time custody to give adequate effect to general deterrence. Trading on behalf of relatives (as distinct from personal gain) may be a mitigating factor where there is no identity of interest between the offender and the beneficiaries.
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