Big Un finance chief's insider trading charges dropped

Big Un's former chief financial officer has been freed of insider trading charges following a hung jury and the Office of the Director of Public Prosecutions (CDPP) concluding it will discontinue further action.

Andrew Corner's five-week trial, which culminated on March 30, resulted in the jury being unable to reach a unanimous verdict.

ASIC took action on Corner in 2023, alleging he possessed inside information in late 2017 when he procured two private companies to sell 1.7 million shares in the now-defunct video marketing technology company, which was listed on the ASX. The total value came to more than $5 million.

The information he allegedly possessed related to a funding arrangement between Big Un subsidiary, Big Review TV and First Class Capital.

The CDPP said it decided not to proceed with a re-trial having regard to the Prosecution Policy of the Commonwealth.

The Prosecution Policy provides a two-stage test that must be satisfied before a prosecution is commenced or continued: there must be sufficient evidence to prosecute the case, and it must be evident from the facts of the case, and all the surrounding circumstances, that the prosecution would be in the public interest.

Following the CDPP's decision, ASIC said it considers the matter finalised.

Big Un's former chief executive Richard Evans (formerly Evertz) pleaded guilty to one count of communicating inside information at the Sydney District Court in April.

ASIC said Evans communicated inside information about Big Un to a shareholder in early 2017, when he ought to reasonably have known the shareholder would likely trade Big Un shares and options.

The inside information concerned the number of customers who had been onboarded to purchase Big Un's promotional TV Show package at a cost of $12,000, together with a $20 million funding arrangement with Finstro, a product of Sydney-based financier First Class Capital, which allowed customers to make this purchase on deferred payment terms.

The sentencing hearing is set for August 21.

Big Un debuted on the ASX via a backdoor listing after acquiring Republic Gold in 2014 and was picked as a top-performing stock in 2017.

Its shares were suspended from trading in February 2018 after information about Big Un's funding arrangement with First Class Capital was released. Big Un went into liquidation in 2019.