The Sure Thing podcast: It was just chaos : The day police cracked an $8 million scam 9news.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 9news.com.au Daily Mail and Mail on Sunday newspapers.
Like a mafia sting, inside the biggest insider trading case
Feb 22, 2021 â 12.01am
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Christopher Hill admits he doesnât like saying the word âbetrayedâ. But thatâs what happened when he agreed to disclose secret data from his employer, the Australian Bureau of Statistics, to his university mate Lukas Kamay.
The pair agreed to use the highly confidential information to place bets on the Australian dollar, keeping their trades small and their profits modest to avoid detection.
Christopher Hill talks for the first time about his role in Australiaâs biggest insider trading heist.Â
Arsineh Houspian
But Hill was betrayed at their first trade, resulting in secret trading accounts, a heist of almost $8 million, a police chase resembling a mafia sting, and Australiaâs biggest insider trading conviction.
ASX to slip, Wall St steady, $A surges
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To follow our continuing coverage of reporting season, click here.
To review the action on the ASX on Friday, click here.
Australian shares are set to start the week with modest losses, extending Fridayâs retreat.
ASX futures were down 11 points or 0.2 per cent to 6721; the S&P/ASX 200 Index tumbled 92.1 points, or 1.3 per cent, on Friday.
A slew of earnings are set for Monday including, Amaysim, Bluescope Steel, Costa Group, LendLease, McGrath, Nufarm and Platinum Asset Management. Click here for our reporting season calendar.
In contrast, the dollar spiked more than 1 per cent, putting US79¢ on the radar as base metals, in particular copper, and iron ore continue to lure investors on optimism about Chinese demand and the prospect for accelerating global growth.
Like all good story tips this one was delivered over a beer. The details included a largely untold story of greed, betrayal and almost $8 million in proceeds. I was in.
From Oxford to the jailhouse, journey of a criminal scholar afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.