Rio Tinto executive avoids jail in Australia for insider trading
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Former Rio Tinto executive, John Francis O'Reilly avoided jail and was released on an 18-month good behavior bond for insider trading in the Australia's state of Victorian Supreme Court on Friday.
O'Reilly had pleaded guilty and was fined 30,000 dollars (27, 915 U.S. dollars) for insider trading.
Justice Terry Forrest said he accepted O'Reilly's action was fueled by his "acrimonious" departure from the board of Indophil in 2007. And the misconduct was an "aberration" and O'Reilly was unlikely to ever offend again.
If O'Reilly breached his good behavior bond he would be required to serve a 10-month prison sentence, Justice Forrest said as reported by Australian Associated Press Friday.
O'Reilly has bought 50,000 ordinary shares in his former company, Indophil Resources on May 13, 2008, knowing the share price would rise.
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne.
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