Two men jailed in $7 million insider trading scam
A former NAB employee was one of two people sentenced in the Victorian Supreme Court yesterday as part of Australia’s largest insider trading case.
Twenty-six-year-old former NAB employee Lukas Kamay and 25-year-old Australian Bureau of Statistics employee Christopher Hill were sentenced to jail in the Supreme Court yesterday.
Mr Kamay was sentenced to seven years and three months in prison, while Mr Hill was jailed for three years and three months.
The two men were arrested in May 2014 after a joint investigation by the Australian Federal Police (AFP) and ASIC identified suspicious trading in foreign exchange derivatives.
The investigation found Mr Kamay was receiving sensitive ABS information on employment statistics from Mr Hill, which he later profited from via a series of trades.
In a joint statement with parliamentary secretary to the treasurer Kelly O'Dwyer and ASIC, assistant treasurer Josh Frydenberg said the sentence was a testament to the close working relationship between the AFP and ASIC.
"The arrest and conviction of an ABS officer for an unauthorised disclosure of statistics is unprecedented in the ABS’s 110-year history," he said.
Perpetual profit sunk by $1.5bn outflows
Perpetual’s profit has fallen, with lower performance revenue and $1.5 billion...
IOOF results ‘an anomaly’: Morningstar
IOOF’s plunging profits are an isolated occurrence and the royal commission ha...
Conflicts of interest broader than product providers
Advisers need to consider managing conflicts of interest not just with product p...