Cameron Waugh, a well-connected Perth corporate advisor, has been sentenced to jail for insider trading. 

The former corporate advisor to Omnia Company Pty Ltd, a firm associated with notable figures in the Australian mining sector, pleaded guilty to charges of insider trading, ending a saga that began with his dramatic arrest in December 2023.

The Supreme Court of Western Australia has handed Waugh a two-year jail term, with the stipulation that he would be released after nine months on condition of good behaviour for the following 15 months. 

Waugh's actions, which involved trading shares of Genesis Minerals Limited based on confidential information, led to a personal gain of over $57,000; an amount he is now required to forfeit or repay.

Waugh's insider information pertained to a funding proposal that included a multimillion-dollar placement of Genesis shares and a major restructuring of the Genesis board. 

This proposal aimed to bring in industry heavyweights Raleigh Finlayson and Neville Power, a move that significantly impacted Genesis' share price upon public announcement.

There is no suggestion that either were involved in any impropriety. 

Described by his lawyer, Seamus Rafferty, as motivated by a mix of greed and personal financial strain, Waugh's difficult childhood and complex relationship with his father were both raised as part of the case. 

Despite arguments against jail time, based on Waugh's remorse and psychological assessments, the court proceeded with the sentencing, underscoring the gravity of insider trading offences.

ASIC says the case underscores its commitment to clamping down on insider trading, protecting the integrity of the financial markets.