Mr Michael William Hull, 39, of Cronulla, New South Wales, appeared today at the Downing Centre Local Court in Sydney after an ASIC investigation led to 67 separate charges of insider trading.
Mr Hull was formerly a finance executive with an Australian-based infrastructure investment management company.
ASIC alleges that on 67 occasions between May 2008 and June 2011, Mr Hull acquired the shares of nine Australian-listed companies while in possession of inside information.
The information was allegedly conveyed to him by a close friend who was employed in the investment banking department of a global financial services company which worked on major corporate transactions involving those companies. The profits from the trades (realised and unrealised) totalled over $600,000.
The alleged insider trading was identified by ASIC’s market surveillance team and referred to ASIC’s markets enforcement team for investigation and enforcement action.
Mr Hull, who was not required to enter a plea, entered into formal bail undertakings and the matter was adjourned to the Downing Centre Local Court on 8 July 2014.
ASIC's investigation into the conduct of the person who conveyed the information to Mr Hull is ongoing.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Background
The maximum penalties associated with the alleged offences range from five years imprisonment and/or a fine of $220,000 up to 10 years imprisonment and/or a fine of $450,000.
The Australian Federal Police currently has a Proceeds of Crime application underway to recover the profits made by Mr Hull as a result of the allegedly illegal trades.