Seven years jail for The Block Albert Park-buying ABS insider trader Lukas Kamay
The former NAB banker Lukas Kamay has been sentenced to jail for seven years, three months. The minimum served with be four years, six months.
Kamay was accused of using insider Australian Bureau of Statistics (ABS) information to make over $7 million by trading in the Australian dollar online over 10 months.
Police alleged Kamay, of Melbourne, used confidential ABS statistics to trade online, betting against foreign exchange derivative movements in the Australian dollar after allegedly being in receipt of national economic, retail trade and labour-force statistics before the normal 11.30am release.
Kamay plead guily to the charges. His accomplice, former ABS analyst Christopher Hill, was sentenced to three years and three months, to serve a minimum of two years.
Supreme Court Justice Elizabeth Hollingworth said it was "the worst instance of insider trading to come before the courts in this country".
Kamay spent some of the proceeds on an apartment in The Block Albert Park.
His headline grabbing Albert Park purchase was the luxury apartment decorated by the runner-up Adelaide twins, Alisa and Lysandra which sold at its April auction for $2,375,000 — a massive $616,000 above the reserve of $1,759,000.
The Sunday Herald Sun uncovered Kamay's $2,375,000 purchase.
Source: Ow.ly
The three bedroom apartment was marketed for Alisa and Lysandra, the former SA police officers, by the Melbourne CBD agents, Anton Wongtrakun and Rochelle Wilson from Dingle Partners.
Apartment 3 at 47 O'Grady Street (feature picture above) was resold mid-2014.
Investors paid $2,375,000 to buy after the televised initial purchase did not proceed to settlement.
The replacement buyers had the apartment advertised for rent at $2,500 a week through Dingle Partners.
