Regina v Xiao [2016] NSWSC 240

Supreme Court New South Wales

Medium Neutral Citation: Regina v Xiao [2016] NSWSC 240 Hearing dates: 14 December 2015 Date of orders: 11 March 2016 Decision date: 11 March 2016 Jurisdiction: Common Law - Criminal Before: Hall J Decision: Sentence In respect of Charge 1, taking into account the additional matters on the Schedule pursuant to s 16A(2) of the Crimes Act, the offender is sentenced to a term of imprisonment of 6 years commencing 12 January 2014 and expiring on 11 January 2020 consisting of a non-parole period of 3 years 9 months expiring on 11 October 2017.

In respect of Charge 2, the offender is sentenced to a term of imprisonment of 7 years commencing on 12 April 2015 and expiring on 11 April 2022, consisting of a non-parole period of 4 years 3 months to commence on 12 April 2015 and to expire on 11 July 2019.

The effective overall sentence in respect of Charges 1 and 2 is a term of imprisonment of 8 years 3 months commencing on 12 January 2014 and expiring on 11 April 2022 with an effective overall non-parole period of 5 years 6 months. Catchwords: CRIMINAL LAW – insider trader offences – sections 1043A(1)(d) and 1311(1) Corporations Act 2001 (Cth) – two rolled-up charges with a further rolled-up insider trading offence to be taken into account pursuant to s 16BA Crimes Act 1914 (Cth) – offender a foreign national – managing director of Hanlong Mining Investments Pty Ltd (Hanlong Mining) – exploited inside information concerning two separate takeover targets of Hanlong Mining – breach of trust – quality of inside information was high – offender a true insider – share purchases and use of leveraged products (CFDs) using inside information – high level of premeditation and planning present and disguise of illegal transactions – amounts invested towards high end of the scale – Charge 2 offence involved a joint criminal enterprise – role of the offender – early guilty pleas – sentencing principles – parity issues – specific and general deterrence – principles – joint criminal enterprise Legislation Cited: Corporations Act 2001 (Cth) Crimes (Sentencing Procedure) Act 1986 Crimes Act 1914 (Cth) Criminal Code Cases Cited: Attorney-General's Application under s 37 of the Crimes (Sentencing Procedure) Act 1991 (No 1 of 2002) (2002) 137 A Crim R 180; [2002] NSWCCA 518 Barbaro v R; Zirilli v R [2014] HCA 2 Chayadi v The Crown (2007) 168 A Crim R 41 Director of Public Prosecutions v O'Reilly [2010] VSC 138 The DPP v Fabriczy (2010) 30 VR 632 DPP (Cth) v Hill and Kamay [2015] VSC 86 Green v The Queen (2011) 244 CLR 462 Hartman v Director of Public Prosecutions (Cth) [2011] NSWCCA 261 Hili v Jones (2010) 242 CLR 520 Joffe v R; Stromer v R (2012) 82 NSWLR 510; [2012] NSWCCA 277 Kamay v R [2015] VSCA 296 Khoo v R [2013] NSWCCA 323 Markarian v R [2005] 228 CLR 357 Pearce v The Queen (1998) 194 CLR 610 R v De Silva (2011) 84 ACSR 240; [2011] NSWSC 243 R v Glynatsis (2013) 230 A Crim R 99; [2013] NSWCCA 131 R v Glynatsis [2012] NSWSC 1551 R v Hill; R v Kamay [2015] VSC 86 R v Hinchcliffe [2013] NSWCCA 327 R v Joffe; R v Stromer (2015) 106 ACSR 255; [2015] NSWSC 741 R v Knight [2004] NSWCCA 145 R v Qutami [2001] NSWCCA 353 R v Rivkin (2003) 198 ALR 400 R v Rivkin (2004) 59 NSWLR 284; [2004] NSWCCA 7 R v Thomson & Houlton (2000) 49 NSWLR 383 R v Tylor (2007) 173 A Crim R 458; [2007] NSWCCA 247 R v Zhu (2013) NSWSC 127 Category: Sentence Parties: Regina (Crown) Hui Xiao (Offender) Representation: Counsel: RJ Bromwich SC (Crown) M Ramage QC (Offender)