The 35-year-old from Cottesloe made the admission in Stirling Gardens Magistrates Court on Wednesday morning,more than one year after his dramatic arrest by Federal Police at a wedding in the state’s South West.
Cameron Waugh (centre) leaving leaving court.Jesinta Burton.
The corporate watchdog claimed Waugh acquired 747,626 shares in ASX-listed gold explorer Genesis Minerals over a seven-day period in September 2021 while in possession of inside information.
The Australian Securities and Investments Commission alleged Waugh became aware the company was embarking on a $20.8 million investment and leadership refresh that would see gold veteran Raleigh Finlayson and millionaire businessman Nev Power appointed to the board.
It was alleged Waugh — a former investment analyst at mining billionaire Andrew Forrest’s Wyloo Metals — acquired the information through his role at West Perth-based Omnia Company,which lists Power and his son,Nicholas,as directors.
This masthead does not suggest the parties mentioned are involved.
The news became public on September 22,2021,sending the share price soaring 187 per cent.
But Power’s time on the Genesis board was short-lived,becoming one of several positions he vacated while he and Nicholas faced charges for breaching WA’s COVID-19 travel restrictions.
Waugh’s matter was pursued by the corporate watchdog as one of urgency amid allegations he was in possession of a one-way ticket to South Africa.
Despite prior indications he intended to defend the charges,Waugh pleaded guilty to one count of applying for shares while in possession of inside information in breach of the Corporations Act.
The offence carries a maximum penalty of 15 years jail.
Waugh is due to be sentenced in WA’s Supreme Court on March 26.
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