A former Australian Credit Suisse VP on insider trading charges denies he ‘ever behaved improperly’

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Former Credit Suisse investment banker Darren Wayne Thompson today pleaded not guilty to insider trading charges.

He appeared in the Downing Centre Local Court in Sydney on 11 charges of procuring insider trading. The charges were brought after an ASIC (Australian Securities and Investments Commission) investigation.

This afternoon Thompson’s lawyer, John Laxon, issued a statement on his client’s behalf denying improper behaviour.

“My client is, and has always been, conscious of his obligations and responsibilities in relation to market sensitive information, and he has always behaved accordingly.”

“He absolutely rejects that he has ever behaved improperly.“

Thompson, aged 39, was formerly employed as a vice president at Credit Suisse Management Australia.

The corporate watchdog, ASIC, alleges Thompson procured a close friend, Michael William Hull, to purchase shares in seven Australian-listed companies while in possession of inside information about those companies that he had acquired as a result of his employment. Hull’s profits from those trades totalled $492,000.

In June 2016, Hull was sentenced to 17 months imprisonment after pleading guilty to insider trading charges.

Laxon added that “it must also be very clearly understood that there is no suggestion that my client ever traded in the securities that are the subject of the charges, nor did he in any way profit from Michael Hull’s trading in the relevant securities. There has been absolutely no benefit to him whatsoever arising from Mr Hull’s activities.”

The matter was adjourned and will return to Sydney’s Downing Centre Local Court in November.