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What is the implication of sharing insider information

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Since 1973, there have only been 79 insider trading cases brought before the courts, in what lawyers said could just be the tip of the iceberg.

  • Last week, investment banker Oliver Curtis was found guilty of insider trading - the latest in a string of high-profile cases brought by the Australian Securities and Investments Commission (ASIC).
  • In that same week, ANZ accountant Michael Hull was sentenced to 17 months in prison after receiving stock tips from a friend at Credit Suisse, making $270,000.
  • Mr Hull's lawyer, James Wheeldon, told the ABC a lot of insider trading remains undetected.
  • "If you asked most corporate lawyers or investment bankers in Australia if they thought that most cases of insider trading were detected and then successfully prosecuted you'd get a resounding 'no'," Mr Wheeldon said.
  • In March, a record sentence of eight years was handed down to former managing director of China's Hanlong Mining, Steven Xiao, while last year, former NAB banker Lukas Kamay received a seven-year sentence for a $7 million scheme with an ABS employee.

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Question (1) What is insider information?

Question (2) What is the implication of sharing insider information?

Reference no: EM132683499

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