Two arrested in Australia over insider trading scam
Published on May 9, 2014 4:16 PM
SYDNEY (AFP) - Australian police on Friday arrested two men accused of making millions through insider trading, alleging one who worked at the Australian Bureau of Statistics fed sensitive information to a banker for use in foreign exchange trades.
Australian Federal Police said a 24-year-old government statistics worker in Canberra and a Melbourne man, 26, were picked up after suspicious trading in forex derivatives was detected.
"It will be alleged in court that the 26-year-old man was obtaining this market-sensitive information before its official release by the ABS," police said in a statement.
He was allegedly using the data to predict movements in the Australian dollar and entering into foreign exchange derivative products to profit from those fluctuations, police said.
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