NAB Worker Insider Trading

[CranktheAnchors]

I'm sure you have all read about the NAB worker who had a mate at the Australian Bureau of Statistics who would tip him off about jobs data etc that the ABS had not yet released.

He traded the AUD$ and was reported to be up close to $7mil. He did place dummy trades that were losses to try and cover his tracks but its seems the Federal Police let him keep trading for a fair while in their efforts to build a very solid case.

Things that brought him unstuck seem to have been:

- Friends with ABS worker on LinkEd
- Friends with ABS worker on Facebook
- Phones were tapped and then ABS worker flew to melbourne and they were seen buying pre-paid phones and sim cards.
- It seems trading only the AUD and only when it was linked to ABS reporting days got him noticed with his broker.
- Possibly the size of the trades (wasn't confirmed)

I find this fascinating and was wondering what other people thoughts were?

Also how much he could of traded without being noticed?

I'm sure this goes on alot and there would be some smarter people who have gotten away with this for a long time?

Does anyone know of any other interesting stories where people have been caught or possibly not caught?

Cheers

 

[Power Raid]

I'm sure you have all read about the NAB worker who had a mate at the Australian Bureau of Statistics who would tip him off about jobs data etc that the ABS had not yet released.

He traded the AUD$ and was reported to be up close to $7mil. He did place dummy trades that were losses to try and cover his tracks but its seems the Federal Police let him keep trading for a fair while in their efforts to build a very solid case.

Things that brought him unstuck seem to have been:

- Friends with ABS worker on LinkEd
- Friends with ABS worker on Facebook
- Phones were tapped and then ABS worker flew to melbourne and they were seen buying pre-paid phones and sim cards.
- It seems trading only the AUD and only when it was linked to ABS reporting days got him noticed with his broker.
- Possibly the size of the trades (wasn't confirmed)

I find this fascinating and was wondering what other people thoughts were?

Also how much he could of traded without being noticed?

I'm sure this goes on alot and there would be some smarter people who have gotten away with this for a long time?

Does anyone know of any other interesting stories where people have been caught or possibly not caught?

Cheers

A well known mining identity paid someone an upfront payment of ~$10m to take the fall for him. The fall guy went to jail for a year or so and now gets an "annual pension".

It is the worst kept secret as the fall guy seems to have a desk at every new mining venture related to the mining identity but no job description attached.

 

[George Washington]

Looks to me like this guy was an idiot and deserved to be caught.

That then begs the question how many slightly smarter people are doing this successfully. Many I imagine.

 

[GeeUUess]

I think it is unfair on NAB that the media are always referring to the guy as a NAB worker. His work has nothing to do with what he done. How many other crimes are committed by people and their place of work never gets mentioned.

 

[Upgrayedd]

A well known mining identity paid someone an upfront payment of ~$10m to take the fall for him. The fall guy went to jail for a year or so and now gets an "annual pension".

It is the worst kept secret as the fall guy seems to have a desk at every new mining venture related to the mining identity but no job description attached.

Where do i apply?

 

[tandino]

Looks to me like this guy was an idiot and deserved to be caught.

That then begs the question how many slightly smarter people are doing this successfully. Many I imagine.

I would think there would be plenty of this going on.

As for old mate from the NAB, it's almost the perfect crime executed in the worst possible way.