Insider trading charges
Two men, including a former associate analyst at Moodys Investors Services, have appeared in court facing 10 separate insider-trading charges brought by the Australian Securities and Investments Commission (ASIC).
The men, former Moodys associate analysts Daniel Joffe and Nathan Stromer, are facing charges relating to alleged breaches of the Corporations Act and flowing from Joffe’s possession of inside information as a result of his duties with Moodys.
The regulator has alleged in court that Joffe acquired the information and passed it on to Stromer who then purchased shares, warrants and contracts for difference.
Neither defendant has entered a plea to the charges and will return to Sydney’s Downing Street Local Court in June.
ASIC said the charges against Joffe and Stromer bring the number of people charged with insider trading this financial year to five.
AUTHOR
Mike Taylor
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