A former Sydney tax consultant has been sentenced to two years in prison for insider trading, in which it was alleged he profited to the tune of about $50,000.
The Australian Securities and Investments Commission (ASIC) found in its investigation that Nicholas Glynatsis – former employee of PricewaterhouseCooper in Sydney – was involved in insider trading between 20 November 2009 and 23 November 2010, making around $50,000 in profits.
The Supreme Court ordered Glynatsis serve his two-year sentence in the community under the strict supervision of Corrective Services NSW, under an Intensive Correction Order.
"Insider trading is a form of dishonesty – stealing information owned by others for a personal gain – and will not be tolerated," said ASIC deputy chairman Belinda Gibson.
Gibson said advisory firms have a role to play in tackling this problem.
"Combating insider trading is a long-term project which has much to do with changing the way the markets work and individuals behave," Gibson added.
The regulator has also acknowledged the cooperation provided by PwC during the investigation of Glynatsis' conduct.
