Sydney pair convicted of insider trading
Two men who pleaded guilty on two counts of insider trading last year, have been convicted by the Supreme Court of NSW.
Former Moody's associate, Daniel Joffe, learned two companies were going to be, or likely to be, subject to takeover bids and passed the sensitive information to Nathan Stromer.
Stromer then bought and sold shares and contracts for difference in the companies that were about to be, or likely to be, subject to take over bids.
Joffe was sentenced on Friday to 27 months imprisonment and Stromer to 24 months imprisonment. Both sentences were fully suspended on the condition they pay a $1000 bond and be of good behaviour for two years. Stromer also paid a pecuniary penalty order of $229,349.87.
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