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.
Recommended for you
Schroders has appointed a new chief executive as Simon Doyle steps down from the asset manager after 22 years.
Distribution of private credit funds through advised channels to retail investors will be an ASIC priority for 2026 as it releases the results of its thematic fund surveillance and guidance for research houses.
State Street Investment Management has taken a minority stake in private market secondaries manager Coller Capital with the pair set to collaborate on broaden each firm’s reach and drive innovation.
BlackRock Australia plans to launch a Bitcoin ETF later this month, wrapping the firm’s US-listed version which is US$85 billion in size.
