An Inside Trader First Sentenced To Home Detention Will Now Spend Six Months In Jail

Prison photo: Shutterstock

A former PwC accountant who was sentenced to home detention after admitting to insider trading will now spend the next six months years in jail.

Market watchdog ASIC had appealed his original sentence over the trade, which was reported to have netted him around $50,000, according to The Australian.

His name is Nicholas Glynatsis and he’s from the suburb of Russell Lea in Sydney. He was previously a tax consultant at PwC.

Judge Lucy McCallum said in sentencing: “The fact that people of otherwise good character and compelling personal circumstances are tempted to engage in such conduct emphasises the need for the clear deterrent that insider traders should expect to go to jail.”

Glynatsis pleaded guilty to insider trading in late 2011 and had been sentenced to two years’ home detention and community service.

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