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
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
