Former Macquarie manager pleads guilty
Former Macquarie Bank portfolio manager, Oswyn de Silva has pleaded guilty to insider trading charges brought by the Australian Securities and Investments Commission (ASIC).
The regulator announced this week that de Silva had pleaded guilty in the Sydney Central Local Court to insider trading on 12 occasions in contravention of the Corporations Act.
ASIC had alleged that between 20 December, 2006 and 26 April, 2007 de Silva, while employed as a portfolio manager and associated director of Macquarie Investment Management acquired shares and contracts for difference in respect of a number of companies on the Singapore Exchange while in possession of inside information.
It claimed at that the time he acquired the shares, de Silva knew that Macquarie Investment Management intended to acquire large volumes of the same securities and knew, or ought reasonably to have known, that the company’s acquisitions would be likely to cause the price of the securities and the value of the contracts for difference (CFD) to increase.
The court was told that shortly after acquiring the securities and CFDs, de Silva disposed of them for substantial profits, often selling the securities direct to Macquarie Investment Management.
ASIC said the gross profit made by de Silva was $1,412,975. He has been remanded in custody.
ASIC said the Monetary Authority of Singapore had initially referred the matter to it.
AUTHOR
Mike Taylor
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