Public servant and former NAB banker admit to $7m insider trading scheme

http://www.theguardian.com/world/2014/sep/16/public-servant-former-nab-banker-admit-insider-trading

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A former National Australia Bank employee and a public servant have pleaded guilty to a $7m insider trading scheme.

Former NAB worker Lukas James Kamay and Australian Bureau of Statistics (ABS) employee Christopher Russell Hill used confidential market-sensitive information in trades that netted about $7m in profits.

Kamay, 26, and Hill, 24, both pleaded guilty to six charges in the Melbourne magistrates court on Tuesday.

Hill, of Belconnen in the ACT, used his position with the ABS to access data on the labour force and retail trade before its official release.

He then passed it to his university friend Kamay in Melbourne, who used the information to make foreign exchange derivative trades.

Kamay, of Clifton Hill, worked for NAB in Melbourne on the foreign exchange desk but was not involved in derivatives trading.

Hill started with the ABS in January 2011 as a technical statistics expert preparing labour force and employment reports.