Sydney man charged with insider trading – ASIC
By Athena Yenko | May 7, 2014 2:38 PM EST
Australian Securities and Investments Commission charged Michael William Hull, 39, of Cronulla, New South Wales with 67 separate charges of insider trading. Hull is facing 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, ASIC said in a statement.
On May 6, Hull appeared at at the Downing Centre Local Court in Sydney. The Commonwealth Director of Public Prosecutions is prosecuting the matter.
According to ASIC, Hull used to work as a finance executive for an Australian-based infrastructure investment management company. From the period covering May 2008 and June 2011, Hull was able to buy shares from nine Australian-listed companies based on inside information.
ASIC alluded that the information was given by Hull's 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.
Both realised and unrealised profits from the inside information totalled more than $600,000. The Australian Federal Police is now in possession of a Proceeds of Crime to recover all profits acquired by |Hull through the illegal trades.
ASIC's market surveillance team was able to track the insider trading and decided to continue with investigation and enforcement action.
Hull entered into a formal bail undertakings pending trial on July 8 2014.
ASIC said that the commission is now conducting investigation to Hull's informant.
Meanwhile, a report from Fairfax Media alleged that MHull's informant was an analyst Credit Suisse. The report also said that Hull was employed by Infrastructure Capital Group during the time of his illegal trading.
Interestingly, the illegal information was shared between the two men during regular jogging session with each other.
Both Credit Suisse and Credit and Infrastructure Capital Group decided to keep mum about the issue.
To contact the editor, e-mail:
Most Popular Slideshows
- George Clooney And Amal Alamuddin's Wedding In Venice: Photos Of Groom And His Family, Friends [Slideshow]
- NFL Recap - Week 4: Green Bay Packers 38, Chicago Bears 17 [PHOTOS]
- Walking Is Superfood For Fitness; Celebrities Who Walk For Health
- Derek Jeter With The New York Yankees Through The Years [IN PICTURES]
Join the Conversation
- Forget Nexus 6 Release Date, Android Phones Will Soon Showcase Pure Google Apps & Features
- 3 Reasons to Get the Samsung Galaxy Note 4 Instead of the iPhone 6
- iPhone 6 vs Moto G 2014: Motorola’s Budget Smartphone Takes On Apple’s Premium Smartphone
- $249.99 Motorola Moto 360 Smartwatch's First Promo Out; 'Stone Leather' Replaces 'Gray Leather' - Available In BestBuy [Watch Video]
- BlackBerry Passport Sold Out As Preorders Reached 200,000
- iOS 8 And iOS 8.0.2 Security Flaw Revealed, Anyone Can Easily Bypass Touch ID And Passcode Security Features
- Australia Cracks Down On International Money Laundering Syndicate