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18 Mar, 2015

Australian insider trading masterminds jailed

Two men involved in a $7 million insider trading scheme that helped the mastermind buy an apartment from The Block television show to give his crimes a “cloak of respectability” have been jailed.

Former NAB banker Lukas Kamay and former Australian Bureau of Statistics employee Christopher Hill had been involved in the worst case of insider trading to come before the courts in Australia, said Supreme Court Justice Elizabeth Hollingworth.

Justice Hollingworth said Kamay had first floated the insider trading idea, which was enthusiastically embraced by Hill.The Block contestants Alisa and Lysandra Fraser inside their renovated apartment.

Hill had abused his position as a Commonwealth public official by deliberately accessing the ABS database, the judge said, copying by hand highly confidential, embargoed information and then passing it on to Kamay.

Read the rest: Insider trading masterminds Lukas Kamay, Christopher Hill jailed after Block bid.