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A former equities dealer with Orion Asset Management Limited has pleaded guilty to charges related to insider trading brought by the Australian Securities and Investments Commission (ASIC).
The regulator announced that the man, 24-year-old John Hartman of the Sydney suburb of Mosman, had entered a guilty plea to the 25 charges relating to communicating inside information at the time he was employed by Orion.
ASIC alleged that between July 2008 and January 2009 Hartman traded in contract for difference (CFD) products while in possession of inside information about Orion’s trading intentions.
It was alleged that Hartman established positions in particular stocks through his CFD account prior to Orion trading the same stocks on the open market.
ASIC said that, in this way, Hartman was able to then exit his CFD positions and profit from the effect of Orion’s trading on the underlying stock price.
Hartman has been bailed to appear on 1 June.
