Former KPMG adviser guilty of insider trading
A former senior manager at KPMG has pleaded guilty to insider trading after buying shares in printing company Promentum.
Andrew Dalzell, 49, of Randwick in New South Wales, purchased 40,000 shares in the company while possessing inside information about a proposal by Promentum to acquire the McMillan Group.
KPMG was advising Promentum on the proposal at the time, and raised concerns with the Australian Securities and Investments Commission.
Dalzell faces up to five years in jail, a $220,000 fine or both. He was granted conditional bail and will be sentenced on 21 March, 2011.
AUTHOR
Chris Kennedy
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