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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!