AFP cracks $7 million insider trading scheme

CAN GO ONLINE FRIDAY, MAY 09

AUSTRALIAN Federal Police have arrested two men over an alleged $7 million insider trading operation.

AFP officers made the arrests on Friday as the result of a joint AFP and Australian Securities and Investment Commission operation after suspicious trading in foreign exchange derivatives were identified and monitored.

AFP investigators claim a 26-year-old NAB employee from Melbourne and a 26-year-old Australian Bureau of Statistics worker from Canberra allegedly used leaked ABS data in the scam.

Officers say the NAB man obtained market-sensitive information from the ABS servant that had not yet been released to the public.

The man then used it to predict fluctuations in the Australian dollar allegedly netting more than $7 million in profits between August, 2013, and May, 2014.

The AFP said the pair knew each other from university and that the NAB employee did not use bank funds or systems.

Investigators said more than $7 million has been seized under the Commonwealth proceeds of crime legislation.

Both men have been charged with a number of serious fraud and corruption related offences and will face court at a future date.


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