Steven Xiao pleaded guilty to carrying out more than 100 illegal trades.
Steven Xiao pleaded guilty to carrying out more than 100 illegal trades.

Steven Xiao sentenced to eight years for insider trading

THE man at the centre of Australia's biggest-ever insider trading case has been sentenced to eight years and three months in jail.

Steven Xiao pleaded guilty to carrying out more than 100 illegal trades when he was managing director of Chinese company Hanling Mining in 2011.

He will be eligible for parole in July 2019.

Justice Peter Hall said Xiao had been a "true insider" and was guilty of a "gross breach of trust and confidentiality".

Xiao stood in the dock with his head bowed and his hands folded in front of him as the sentence was read out.

ABC


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