TAMARA NEWING SENTENCED, FREED ON GENETIC TECHNOLOGIES SHARE DEALING
February 19th 2011 01:56
Friday February 18, 2011
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GENETIC TECHNOLOGIES
The daughter of Genetic Technologies’ founder Dr Mervyn Jacobson, Tamara Newing, was sentenced to 21 months gaol for market manipulation but was released immediately.
In the County Court in Melbourne late this afternoon, Justice Barbara Cotterell imposed the sentence and freed Ms Newing on a two year, $5000 good behavior bond.
Court officers told Biotech Daily that in sentencing Ms Newing, Justice Cotterell spoke of the death of Ms Newing’s son Reagan last year.
Ms Newing’s son from her previous marriage, Reagan Milstein, died in July 2010, aged 14, following a scuba diving accident in Malaysia.
In October last year Ms Newing pleaded guilty to 10 counts of market manipulation between April 18, 2005 and November 2, 2006 (BD: Oct 29, 2010).
Ms Newing was originally charged with 353 counts on the same offence (BD: Dec 15, 2008; Feb 1, 4, 2010).
An officer of the County Court told Biotech Daily in October 2010 that the specific charges were for transactions likely to have the effect of creating an artificial price or maintaining a level that is an artificial price for trading in breach of sections 1041A and 1311 (i) of the Corporations Act.
In March 2010, Ms Newing’s husband and former Genetic Technologies chief operating officer Geoffrey Newing, 44, was sentenced to 22 months gaol with a minimum of six months on five charges of market manipulation (BD: Mar 18, 2010).
Dr Mervyn Jacobson has pleaded not guilty to 319 counts of market manipulation and his case has been set for August 1, 2011.
Genetic Technologies fell 0.8 cents or eight percent to 9.2 cents with 2.2 million shares traded.
To read all these articles in full, subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
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