Former Tesla Motors Australia director Kurt Schlosser, of Sydney, has been sentenced in the Sydney District Court following his guilty pleas to two insider trading offences.
Mr Schlosser was sentenced to two years and six months imprisonment, to be released immediately upon entering into a recognisance, on the condition that he be of good behaviour for two years and six months.
In his role as country director of Tesla Australia, Mr Schlosser was informed of a confidential, in-principle agreement to be entered into by Tesla in the US, related to the supply of lithium to Tesla by Piedmont Lithium (ASX:PLL).
Mr Schlosser then purchased 86,478 shares in Piedmont in two transactions and communicated that information to a friend in circumstances where it was likely that person would also acquire Piedmont shares.
Mr Schlosser, shortly after the announcement was made public, sold the shares for a realised profit of $28,883.53.