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
- NFL MNF: Washington Redskins 20, Dallas Cowboys 17 (OT) [PHOTOS]
- Emma Watson Gets 'Squished' In 'Colonia Dignidad' [PHOTOS]
- 2014 MLB World Series Game 6: Kansas City Royals 10, San Francisco Giants 0 [PHOTOS]
- San Francisco Giants Beat Kansas City Royals, 3-2 In Game 7, Wins 2014 MLB World Series [PHOTOS]
Join the Conversation
- ISIS Has Been Equipped With Advanced Anti-Aircraft Missiles
- Canada’s Official ISIS Mission Starts On Weekend; Kuwait Uneasy
- Ebola Divides The US: More States Begin Applying Stricter Guidelines Than What CDC Imposed
- Russia Succeeds Where US Fails: ISS NASA Antares Rocket Explosion Meant to Happen; Russia Successfully Launches Cargo Ship
- FIFA May Keep Russia and Ukraine Apart in World Cup 2018
- Marvel Announces Release Dates Of 11 Upcoming Movies From 2015 To 2019
- Xiaomi Becomes World’s Third Largest Smartphone Manufacturer By Dethroning Huawei
- Entry Of Peshmerga Fighters From Iraq Boosts The Kobani Battle Against ISIS: Turkey Provides Transit
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Nexus 6, 9 Buyers on November Release Will Enjoy These 3 Killer Lollipop 5.0 Features First
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight
- Woman Hanged In Iran Talks Abuse In Prison, Left Chilling Message To Family