ASIC Investigates WiseTech Global Founder Richard White Amid Insider Trading and Misconduct Allegations

ASIC Investigates WiseTech Founder Richard White Over Insider Trading and Misconduct Allegations

The Australian Securities and Investments Commission (ASIC) is currently conducting an investigation into Richard White, founder of WiseTech Global. The inquiry centers on potential allegations of insider trading and misconduct. Central to the investigation are share sales executed by White between December 2024 and February 2025, a period marked by his transitioning role at the company, and a phone recording from early February 2025 where he reportedly offered a settlement to a former employee who had made allegations against him.

ASIC's investigation specifically scrutinizes Richard White's sale of approximately 1.87 million WiseTech Global shares. These significant transactions took place over a few months, from December 2024 to February 2025. The inquiry extends beyond share trading to encompass broader allegations of misconduct, including claims brought forth by a former employee or consultant.

White, a co-founder of WiseTech Global, had stepped down as Chief Executive in October 2024 following several allegations of inappropriate conduct. He then moved into a full-time consulting role with an annual remuneration of $1 million.

The ASIC investigation seeks to determine if White's share sales, which are estimated to total $229 million, constituted insider trading. A pivotal point of contention is White's exact role during these transactions—specifically, whether he was considered key management personnel or solely a consultant. WiseTech directors reportedly advised White in December 2024 against selling shares, explicitly considering him key management personnel. These sales reportedly occurred during a company blackout period, a time when executives, directors, and key personnel are typically barred from trading shares. White, however, has maintained that he was acting as a consultant, not an executive, during this timeframe and reportedly secured legal advice to support his position.

Trading records indicate White transacted over 200,000 shares in the two business days surrounding February 2, 2025.

A significant piece of evidence in ASIC's possession is a phone recording from early February 2025. In this recording, White reportedly offered a former employee or consultant a sum of $5 million in cash. This offer was presented as part of a proposed 'deed of settlement and release' in exchange for her withdrawing her claims against him. The employee had previously lodged allegations with the WiseTech Global board, detailing underpayment, inappropriate conduct by White, and emails from White's wife. White reportedly indicated that WiseTech would contribute approximately $350,000, with him personally covering the remaining amount to ensure the $5 million net, tax-free offer. The recording is said to suggest White believed he retained substantial influence within WiseTech.

During the recorded conversation, White also reportedly mentioned another woman who had consulted for the WiseTech board, stating she had made a complaint against him demanding $30 million, which he reportedly characterized as 'extortion.'

Previous settlements linked to White include:

• October 2025: A settlement with wellness entrepreneur Linda Rogan, following legal disputes where Rogan alleged White expected sexual favors for an investment in her business, and claims of White purchasing a house for her.
• April 2025: A settlement with a third former employee regarding allegations of financial and visa assistance in exchange for sex.
• Reports also indicated White had paid for a multimillion-dollar house for another employee with whom he reportedly had a relationship and was selling shares to pay his ex-wife.

All reported settlements, notably, included no admissions of wrongdoing.

The WiseTech board reportedly did not accept White's personal attempt to settle with the former employee in February 2025. Approximately three weeks later, four independent directors—Lisa Brock, Michael Malone, Fiona Pak-Poy, and then-chairman Richard Dammery—resigned from their positions. Their stated reason for departure was 'intractable differences in the board and differing views around the ongoing role of the founder and founding CEO, Richard White.'

These independent directors had reportedly sought to release findings from an external report by Seyfarth Shaw. White is reported to have threatened legal action concerning these findings, labeling them defamatory and accusing the directors of leaks.

Following the resignations of the independent directors, the new board released partial findings from the external report. These findings stated that White was 'not fully transparent and candid' during the investigation and 'misleading about personal matters concerning the ending of the relationship.'

Despite these critical findings, no action was taken against White, and he subsequently returned to the company as executive chairman. The allegations made by the female employee remain unproven.

Prior to reports emerging in October 2024 concerning White and WiseTech, the company's shares were trading at approximately $135 per share. By a recent close of business, shares had significantly fallen to $42.84. Richard White maintains ownership of approximately one-third of WiseTech's shares.

ASIC, Richard White, and WiseTech Global have each declined to comment on the ongoing investigation.