The Australian regulator ASIC alleged that at the time Kimelman was in possession of inside information concerning the intention by Quantum (now Nova Minerals Limited) to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada.
At the time of the alleged offences, the charges of insider trading could bring a maximum penalty of 10 years in prison. In March 2019, the maximum penalty was raised to 15 years.
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