Two former school friends allegedly used insider trading to fund special occasions, property rentals and cars, the Sydney Downing Centre Local Court heard today.
Former Orion Equities trader John Hartman told the court that he and Oliver Curtis set up a CMC Markets account in Curtis’ name and likely made millions of dollars in more than 50 insider trades in 2007.
The 27-year-olds, who graduated from St Ignatius College in Riverview in 2003, allegedly communicated via encrypted Blackberry PIN messages, the SMH reports.
Hartman, who has already served time for insider trading and now is testifying against Curtis, told the court that the pair would front-run Orion’s trades: Hartman would tip Curtis off before Orion took a position, and Curtis would act on the information using the CMC Markets account.
Hartman was reportedly recruited to Orion in 2006 with a salary of $350,000.
There’s more on the SMH.
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