News State ACT News Bail refused for two men over $7m insider trading

Bail refused for two men over $7m insider trading

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Two men allegedly involved in a $7 million insider trading racket used mobile phones in false names to communicate sensitive market information, a court has heard.

In the ACT Magistrates Court, Australian Federal Police agent Pamela Damokas said Christopher Russell Hill, 24, an employee of the Australian Bureau of Statistics in Canberra had access to data on Australia’s labour force and retail trade ahead of its official release.

He wrote that down and then communicated it to National Australia Bank employee Lukas James Kamay, 26, in Melbourne.

Using that inside information, Kamay made foreign exchange derivative trades, making just over $7 million.

Police opposed bail for Hill, alleging he remained a flight risk.

ACT Magistrate Bernadette Boss remanded him in custody to appear in the Melbourne Magistrates Court on Monday morning.