Sydney pair plead guilty to insider trading
A former Moody's associate analyst and his co-accused have pleaded guilty to two counts of insider trading, which netted them more than $184,000.
The Supreme Court of NSW heard that Daniel Joffe passed on information acquired in the course of his work as an associate analyst with Moody's to Nathan Stromer, who then bought and sold shares and contracts for difference (CFDs), over a three-month period.
The pair admitted that between 1 and 8 August 2006 Joffe became aware of inside information relating to a proposed takeover of Auckland International Airport Limited (AIA) by Babcock & Brown Limited.
The court heard that Joffe passed the information on to Stromer and procured him to acquire 29,580 shares of AIA.
Between 10 and 14 November 2006, Joffe received inside information relating to a proposed takeover of Alinta Infrastructure Holdings Limited (AIH) by Alinta Limited and passed this information on to Stromer, who purchased 962,000 CFDs in AIH.
Joffe also admitted that between 20 and 27 September 2006, he passed on inside information relating to upcoming price-sensitive announcements contemplated by the Australian Wheat Board Limited (AWB) to Stromer and encouraged him to short sell 135,000 AWB CFDs.
Joffe and Stromer will return to the Supreme Court of NSW on 27 April 2015, for a sentencing hearing.
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