Sydney man charged with insider trading conspiracy
Sydney-based Oliver Peter Curtis allegedly made over $1 million in profit by participating in an insider trading conspiracy, according to the Australian Securities and Investments Commission (ASIC).
The financial services regulator collected evidence against Curtis, who was charged in a Sydney court with conspiracy to commit insider trading.
ASIC alleges Curtis had an agreement with convicted insider trader John Hartman, who worked as an equities dealer at Orion Asset Management.
The two men allegedly agreed that Hartman would procure Curtis to trade in contracts for difference on the basis of inside information Hartman possessed about Orion's trading intentions.
In doing so, ASIC said, the pair allegedly sought to take advantage of expected movements in the share price caused by Orion's trading, and share the profits.
"In return for providing the information, it is alleged that Curtis provided Hartman with a share of the profits in the form of cash and by using the funds to purchase items for Hartman," ASIC said.
Curtis will return to court in eight weeks, during which time he will consider the brief of evidence brought against him by the regulator.
Hartman pleaded guilty to insider trading in 2010 and was sentenced to three years imprisonment with a single pre-release period of 15 months.
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