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.
Fantastic to see broad media coverage of those breaking the law getting punished. Well done to all involved for nailing these idiots trying to cheat the system. Insider trading is tough to prove but needs to be stamped out in all its forms.
If only the legal system gave similar sentences to repeat criminals like wife beaters, the druggos who break into cars and homes, etc!