R v Glynatsis - [2012] NSWSC 1551

Supreme Court

New South Wales

Medium Neutral Citation: R v Glynatsis [2012] NSWSC 1551
Hearing dates: 29 June 2012, 25 October 2012
Decision date: 12 December 2012
Before: Johnson J
Decision:
With respect to each of Counts 1 to 5, the Offender is sentenced to imprisonment for a period of 12 months, commencing on 12 December 2012 and expiring on 11 December 2013.
With respect to each of Counts 6 to 9, the Offender is sentenced to imprisonment for a period of 12 months, commencing on 12 December 2013 and expiring on 11 December 2014.
Pursuant to s.7(1) Crimes (Sentencing Procedure) Act 1999, the sentences imposed are to be served by way of intensive correction in the community.
The conditions of the intensive correction order include the mandatory conditions referred to in s.81 Crimes (Administration of Sentences) Act 1999 and Clause 175 Crimes (Administration of Sentences) Regulation 2008.
The Offender is to report on or before 19 December 2012 to the specified local office of the Department of Corrective Services, or such other location as may be advised by the Commissioner for Corrective Services.

Catchwords: CRIMINAL LAW - sentence - insider trading - trading for benefit of self and relatives - relevance of serious financial stress affecting Offender's family at time of offending - intensive correction order
Legislation Cited: Corporations Act 2001 (Cth)
Life Insurance Act 1995 (Cth)
Proceeds of Crime Act 2002 (Cth)
Crimes Act 1914 (Cth)
Crimes (Sentencing Procedure) Act 1999
Crimes (Administration of Sentences) Act 1999
Crimes (Administration of Sentences) Regulation 2008
Cases Cited: R v Pogson [2012] NSWCCA 225
International Litigation Partners Pte Ltd v Chameleon Mining NL [2011] NSWCA 50; 276 ALR 138
R v Doff [2005] NSWSC 50; 23 ACLC 317
R v Rivkin [2003] NSWSC 447; 198 ALR 400
R v Doff [2005] NSWCCA 119; 54 ACSR 200
Hartman v R [2011] NSWCCA 261
R v Hartman [2010] NSWSC 1422
R v Bateson [2011] NSWSC 643
R v O'Brien [2011] NSWSC 1553
R v Dalzell [2011] NSWSC 454; 83 ACSR 407
R v Boughen [2012] NSWCCA 17; 215 A Crim R 476
Director of Public Prosecutions v Edwards [2012] VSCA 293
Texts Cited: ---
Category: Sentence
Parties: Regina (Crown)
Nicholas Glynatsis (Offender)
Representation: Counsel:
Mr AJ Payne SC (Crown)
Mr P Hastings QC; Mr TJ Saunders (Offender)
Solicitors:
Commonwealth Director of Public Prosecutions (Crown)
Cleary Finlay Solicitors (Offender)

File Number(s): 2011/395328
Publication restriction: ---

REMARKS ON SENTENCE

JOHNSON J: On 3 February 2012, the Offender, Nicholas Glynatsis, pleaded guilty to nine counts of insider trading contrary to ss.1043A(1) and 1311(1)(a) Corporations Act 2001 (Cth).

The Course of the Sentencing Proceedings

The sentencing proceedings have extended over some months. I should explain why.

A sentencing hearing proceeded before me on 29 June 2012. In the course of that hearing, submissions were made concerning the availability, in law, of an intensive correction order as a sentencing option in the Offender's case. I was informed that…

Grounds of appeal

[14] The appellant contends that the primary judge erred in finding that the respondent had discharged the onus of establishing the matters required under the relevant provision.

[15] It was submitted that his Honour failed to give adequate weight to the evidence of the second witness, and that the findings of fact were not reasonably open on the material before the Court.

[16] The respondent, for its part, submits that no error is disclosed, and that the conclusions reached were well within the range of outcomes available to the primary judge.

Consideration

[17] It is convenient to deal first with the question of construction, as the resolution of that issue informs the remaining grounds advanced by the appellant.

[18] For the reasons that follow, we are of the view that the appeal should be allowed in part and the matter remitted for further determination.

Continue reading R v Glynatsis

Details

AGLC: R v Glynatsis [2012] NSWSC 1551
Case: [2012] NSWSC 1551
Decision Date: 12 December 2012

CaseChat Overview and Summary

The matter of R v Glynatsis involved the defendant, Glynatsis, who was convicted of engaging in insider trading. The case was heard in the Supreme Court of Queensland. The dispute centred on the appropriate sentence to be imposed on Glynatsis, who was found to have traded on confidential information for his own benefit and that of his relatives. The prosecution argued for a significant penalty, while Glynatsis's legal team contended that the sentence should be mitigated due to the serious financial stress his family was experiencing at the time of the offence.

The court was required to determine the relevance of the family's financial stress in the sentencing process and whether it should be considered a mitigating factor. Additionally, the court needed to decide whether an intensive correction order would be an appropriate sentence, given Glynatsis's criminal history and the nature of the offence. The legal issues involved weighing the seriousness of the offence against the personal circumstances of the offender.

In delivering the judgment, the court acknowledged the gravity of the insider trading offence, noting that such conduct undermined public confidence in the integrity of financial markets. However, the court also considered the mitigating factor of the financial stress affecting Glynatsis's family. The court found that while the financial stress was significant, it did not justify the illegal actions taken. Ultimately, the court decided that an intensive correction order was suitable, as it would provide an opportunity for rehabilitation and deterrence without resorting to imprisonment. The court emphasised the importance of preventing future misconduct while also taking into account the personal circumstances of the offender.

Orders