Ex Big Un CEO pleads guilty in insider case

The former chief executive of Big Un Limited has pleaded guilty to insider trading, marking another major development in one of Australia’s most high-profile corporate collapses.

According to the Australian Securities and Investments Commission (ASIC), former CEO Richard Evans, previously known as Richard Evertz, admitted in a Sydney court that he unlawfully shared confidential company information with a shareholder in early 2017, News.Az reports, citing Reuters.

At the time of the disclosures, Big Un was among the top-performing stocks on the Australian Securities Exchange, attracting strong investor interest.

Evans acknowledged that around January 10, 2017, he passed on sensitive information that he knew, or should have known, could be used to trade the company’s shares or options.

The information reportedly included details about customer uptake of a high-value promotional video product, as well as a $20 million funding deal with First Class Capital.

Prosecutors argue that the funding arrangement masked deeper cash flow issues within the company, problems that were only revealed later to the broader market.

Big Un’s rapid rise was followed by an equally dramatic fall. The company’s shares were suspended in February 2018 before it eventually entered administration and was delisted later that year.

The case has since become a key example of how Australian authorities enforce market misconduct laws in the tech sector.

With the guilty plea entered, the trial has been vacated. Evans is scheduled to be sentenced on August 21, 2026.

ASIC said the case forms part of a broader crackdown on insider trading, noting that 46 individuals have been criminally convicted of such offenses since 2009 as a result of its investigations.

Meanwhile, legal proceedings involving Big Un’s former chief financial officer are still ongoing after a jury failed to reach a verdict in a separate trial last month.

News.Az 

By Aysel Mammadzada