Australian dollar insider traders (NAB trader and ABS employee) sentenced to jail terms

Author: Eamonn Sheridan | Category: News

Former NAB banker Lukas Kamay and former ABS analyst Christopher Hill jailed over $7 million insider trading scheme 

  • Lukas Kamay jailed for 7 years, 3 months. Minimum of 4 years, 6 months
  • Hill jailed for 3 years, 3 months. Minimum 2 years.

Justice Elizabeth Hollingworth said its "the worst instance of insider trading to come before the courts in this country"

Via ABC

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Here's the link to the sordid story: How the cops investigated the NAB dealer and the ABS employee trading AUD on leaked data

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More:

  • The pair set up the scheme ... with the aim of making a $200,000 profit in a year to split between them
  • Hill agreed to use his position at the ABS headquarters in Canberra to send Kamay employment, trade and retail figures moments before they were released to the market
  • Kamay, based at NAB in Melbourne, used the data to make trades on currency markets based on which direction the Australian dollar was expected to go
  • he plan went awry when Kamay began making so much money he decided to set up three secret trading accounts without telling Hill and ended up making more than $7.2 million
  • Hill pocketed a total of $19,500 in cash

Via Fairfax

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