Former telco executive, Vaughan Bowen has been indicted on two counts of insider trading.
Bowen appeared on 10 May via his legal representative in the County Court of Victoria as the Commonwealth Director of Public Prosecutions (CDPP) formally indicted him after the charges had previously been discharged following a contested committal hearing at the Melbourne Magistrates’ Court in December.
The CDPP may directly indict an accused after the Magistrates' Court declines to commit an accused for trial.
The Australian Securities and Investments Commission (ASIC) alleges that in June 2019, Bowen disposed of over five million Vocus shares while in possession of undisclosed information concerning the likely withdrawal of a proposal by EQT Infrastructure IV Fund to acquire Vocus.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC referral and is next due before court on 19 July.
Bowen was the founder of telecommunications company M2 Group and played an instrumental role in taking it from its start-up stage to building a business that was valued at more than $2 billion, with brands such as Dodo, iPrimus and Commander under its belt.
It was eventually sold to Vocus Group in 2016, where Bowen served as executive director and then chairman up until 2018.
Following this, he joined Adelaide-based broadband start-up Uniti Wireless as its executive director until April 2022.