Australian dollar insider traders (NAB trader and ABS employee) sentenced to jail terms
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"
Here's the link to the sordid story: How the cops investigated the NAB dealer and the ABS employee trading AUD on leaked data
- 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