Vaughan Bowen acquitted of insider trading charges
Former telecommunications executive Vaughan Bowen has been acquitted of insider trading charges after a jury determined his innocence following a five-week trial in the Melbourne County Court.
Bowen was facing two counts of insider trading in relation to selling over 5.5 million Vocus shares on June 4, 2019. The charges were initially brought against him in May 2021 by the Australian Securities Investments Commission (ASIC), who alleged that Bowen sold the shares based on non-public information about a proposed $2.3 billion acquisition offer from Swedish private equity firm EQT Infrastructure IV Fund to acquire Vocus. ASIC claimed that Bowen had inside knowledge about the offer being withdrawn and intended to avoid financial losses.
In response to the allegations, Uniti Group, where Bowen served as an executive director from March 2019 to August 2022, stated his denial of the charges and expressed no intent to alter his board position until the matter was resolved. However, Bowen no longer holds a position at Uniti and currently serves as the non-executive chairman of Voyager Tennis as per his LinkedIn profile.
Bowen’s legal journey included being indicted last year after the charges were initially dismissed following a contested committal hearing at the Melbourne Magistrates’ Court in December 2022.
Having founded telecommunications company M2 Group and playing a pivotal role in its growth to a business valued at over $2 billion, Bowen eventually facilitated the sale of M2 Group to Vocus Group in 2016, where he served as an executive director and chairman until 2018.
