Former Tesla, $TSLA, Motors Australia director has been sentenced to two years and six months for insider trading

Former Tesla, $TSLA, Motors Australia director Kurt Schlosser has been sentenced to two years and six months for insider trading.

He realised a profit of $28,883.53 in the trade.

ASIC said Kurt Schlosser purchased 86,478 shares in U.S.-based Piedmont in two transactions after being informed of details of a five-year spodumene concentrate supply agreement, per Reuters.

In November, he plead guilty.

Schlosser was sentenced in the Sydney District Court before being released immediately upon entering into a recognisance, on the condition that he be of good behaviour for two years and six months, the Australian Securities and Investments Commission (ASIC) said in an announcement this morning.

“ASIC is committed to acting against conduct that damages the integrity of Australia’s financial markets. Insider trading undermines investor confidence and gives individuals an unfair advantage,” said ASIC Deputy Chair Sarah Court. “This criminal outcome demonstrates the serious consequences for trading when in possession of inside information.”

Schlosser is automatically disqualified from managing corporations for five years due to the conviction.