Sydney finance exec charged with insider trading
A Sydney finance executive has been charged with insider trading after allegedly operating on insights from a close friend who was employed by a large financial services company.
The Australian Securities and Investments Commission (ASIC) alleges Michael William Hull, 39, purchased shares from nine Australian-listed companies on 67 occasions between May 2008 and June 2011 while privy to inside information.
It alleged the insights, which were apparently used to acquired profits in the realm of $600,000 (realised and unrealised), were provided to him by a friend in the banking department of an unspecified global financial services company.
Hull was charged with 67 counts of insider trading and appeared in court to face the charges yesterday.
The charges were the result of an investigation by ASIC's market surveillance team.
The investigation into the person who allegedly provided the information continues.
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