Sydney pair convicted of insider trading
Two men who pleaded guilty on two counts of insider trading last year, have been convicted by the Supreme Court of NSW.
Former Moody's associate, Daniel Joffe, learned two companies were going to be, or likely to be, subject to takeover bids and passed the sensitive information to Nathan Stromer.
Stromer then bought and sold shares and contracts for difference in the companies that were about to be, or likely to be, subject to take over bids.
Joffe was sentenced on Friday to 27 months imprisonment and Stromer to 24 months imprisonment. Both sentences were fully suspended on the condition they pay a $1000 bond and be of good behaviour for two years. Stromer also paid a pecuniary penalty order of $229,349.87.
Recommended for you
Magellan has closed out the financial year with funds under management approaching $40 billion and outlined its estimated performance fees.
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
