Daniel Joffe and Nathan Stromer, both Australians have been found guilty of insider trading as announced by the Australian Securities and Investments Commission (ASIC).
Daniel Joffe, 37, an ex analyst with ratings agency Moody’s has admitted to passing on information acquired in the course of his duties to Nathan Stromer, 36,who then traded shares and contracts for difference (CFDs) in companies that were likely to be subject to price-sensitive announcements. They have pleaded guilty to insider trading. They are said to have made about $180,000 from their activities.
The case was decided in the Supreme Court, each pleading guilty to two insider trading charges relating to the conduct which occurred over three months in 2006.
Final verdict on the case will be given when the matter returns to the Supreme Court of NSW for sentencing hearing on 27 April 2015.