Schlosser was sentenced in the Sydney District Court to two years and six months in prison, though was immediately released on a good behavior bond, Australia’s securities regulator said Tuesday.
Schlosser bought 86,478 shares in Piedmont Lithium Ltd. on Sept. 16., 2020 after becoming aware that Tesla had struck a supply deal with the Australia-listed mining company. Schlosser also told a friend about the agreement before it was announced, knowing that they would probably buy Piedmont stock, according to ASIC.
Schlosser was ordered to hand over to the state the A$28,883.53 ($19,400) profit he made from the trade, and is disqualified from managing corporations for five years, ASIC said.
Source: Former Tesla Australia Boss Avoids Jail After Insider Trading – Bloomberg