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Wrongly Convicted Database Record
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Charge: |
Insider Trading |
Sentence: |
3-1-2 years |
Years Imprisoned: |
0.58 |
Year Crime: |
2007 |
Year Convicted: |
2012 |
Year Cleared: |
2013 |
U.S. State or Country of Crime: |
Australia |
County or Region of Crime: |
New South Wales |
City of Crime: |
Sydney |
Result: |
Judicially Exonerated Released |
Summary of Case: |
"Stuart Fysh was wrongly convicted in December 2012 in New South Wales, Australia of two counts of insider trading relating to his purchase of Queensland Gas Company shares while Briitish Gas was in negotiations for a takeover of the company. Fysh was sentenced on Dec 19, 2012 to 3-1-2 years in prison. Fysh appealed and argued there was insufficient evidence to prove he possessed the relevant inside information to enable him to make the alleged insider trades. On July 17, 2013 the New South Wales Court of Appeal acquittted Fysh in quashing his conviction, and ordered his immediate release from prison. The 56-year-old Fysh was released after seven months of wrongful imprisonment. On November 20, 2013 the Court of Appeals issued its writting decision stating its reasons for acquitting Fysh. The Court's key rulings were that a key aspect of the claimed “inside information” was not made out on the evidence to have been in Mr Fysh’s possession, and that the jury could not have been satisfied otherwise beyond reasonable doubt; and most of the claimed “inside information” relied upon by the Crown was publicly available (which meant that a reasonable person would not expect that information to have a material effect on the price or value of QGC shares).The information was also very general and did not go to the terms of a possible relationship between BG Group and QGC. See, Fysh v R [2013] NSWCCA 284 (20 November 2013)" |
Conviction Caused By: |
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Innocence Proved By: |
"On July 17, 2013 the New South Wales Court of Appeal acquittted Fysh in quashing his conviction, and ordered his immediate release from prison. On November 20, 2013 the Court of Appeals issued its writting decision stating its reasons for acquitting Fysh. See, Fysh v R [2013] NSWCCA 284 (20 November 2013)" |
Defendant Aided By: |
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Compensation Awarded: |
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Was Perpetrator Identified? |
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Age When Imprisoned: |
56 |
Age When Released: |
56 |
Sex: |
Male |
Skin/Ethnicity: |
White |
Information Source 1: |
Fysh v R [2013] NSWCCA 284 (20 November 2013) |
Information Location 1: |
http://www.austlii.edu.au/au/cases/nsw/NSWCCA/2013/284.html |
Information Source 2: |
"Fysh out of hot water as court overturns BG insider trading conviction, by Leo Shanahan (staff), The Australian, July 18, 2013" |
Information Location 2: |
http://www.theaustralian.com.au/business/companies/fysh-out-of-hot-water-as-court-overturns-bg-insider-trading-conviction/story-fn91v9q3-1226680977187 |
Information Source 3: |
"British Gas VP Stuart Fysh jailed for insider trading, By Leo Shanahan (staff), The Australian, December 19, 2012" |
Information Location 3: |
http://www.theaustralian.com.au/business/stuart-fysh-jailed-for-british-gas-insider-trading/story-e6frg8zx-1226540382225 |
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Comments About Case: |
Innocents Database Created and Maintained by Hans Sherrer innocents@forejustice.org