Former PwC consultant guilty of insider trading
A former senior consultant with major accounting firm PricewaterhouseCoopers has pleaded guilty in Sydney's Downing Centre Local Court to nine charges of insider trading following an investigation conducted by the Australian Securities and Investments Commission (ASIC).
The regulator had alleged that the consultant, Nicholas Glynatsis, of Sydney suburban Russell Lea, had between 20 November, 2009 and 23 November, 2010, acquired securities and contracts for difference in his name and the names of two relatives ahead of eight corporate transactions, including six takeover bids, on which PwC was engaged to provide advice.
ASIC said total profits from the trading amounted to approximately $50,000.
The regulator alleged that at the time Glynatsis acquired the relevant securities and CFDs he possessed inside information he had acquired through internal PwC databases holding confidential client information.
ASIC said the alleged insider trading had been identified by its Market Surveillance team in September last year.
AUTHOR
Mike Taylor
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