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  • How LinkedIn Helped Bust A Trader Allegedly Using Leaked ABS Data To Make Bets On The AUD

    From businessinsider.com.au

    The owner of forex broker Pepperstone Financial used his LinkedIn account to connect one of his clients, Lukas Kamay, to an Australian Bureau of Statistics employee who was allegedly disclosing data before it was released. Kamay, who at the time was a NAB trader, and the public servant Christopher Hill — friends through their time at Monash University — have been accused of orchestrating a $7 million insider trading scheme. The Australian Financial Review says Pepperstone owner Owen Kerr was alerted to the huge trades, made in the minutes before the ABS data was released, and could see some may have caused ... (full story)

  •  Guest
  • | IP XXX.XX.166.151
What a prize pair of idiots. Unbelievably stupid, the pair of them. Buddies on LinkedIn, and like their brokers would not have noticed them gaming the market once a month only prior to data. Buying up high profile residential property with the proceeds, just how stupid is this pair. Should have just taken out a full page ad in the newspaper, would have been more discreet.
  •  Guest
  • | IP XX.XXX.144.86
If you look at the Price charts before the Aussie news on March 13, you can see there was a lot of Buying for the previous 12 Hours! I made some money myself, just by noticing that earlier price action. (Although I used normal money management, with a Stop Loss in place.)
I think that this pair are only the tip of the iceberg. There are alot of smarter traders out there who could get prior info but are smart about their trading.
social media is perfect for snoopers to catch cheaters, in more ways then one obviously

Quoting dghent
I think that this pair are only the tip of the iceberg. There are alot of smarter traders out there who could get prior info but are smart about their trading.
I'm wondering if he would have gotten away undetected by entering pending orders that got triggered after the data release... he still could have earned that way technically not trading before the data release
I have seen on occasions, when the news was good and a trader went long, that the market spiked up before quickly moving down, he was taking a huge risk and could have gone broke.
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  •  Guest
  • | IP XX.XX.14.81
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  • Story Stats
  • Posted: May 11, 2014 5:42pm
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 5  /  Views: 2,589