Sydney’s financial set is following the case of Oliver Curtis and his former school friend John Hartman, who have been accused of insider trading.
Hartman — who has already spent time in jail for the illegal trades — is now the star witness against Curtis, who was also allegedly involved in the crime.
Today, according to the Australian Financial Review, Curtis’ lawyers questioned Hartman’s credibility, claiming he was involved in a race fixing scheme with his older brother Edward, who is a banker at UBS.
Yesterday a court heard Hartman and Curtis would allegedly front-run trades to make money for specific purchases, such as new cars or renting an expensive Bondi apartment.
The scheme was detailed in emails, which Hartman agrees he sent. In them his brother — who is now based in New York, but used to live in Sydney — said he had a way for them to make easy money off a rigged horse race.
“I have a very high profile jockey that will have some very short priced losers for us to lay,” Edward wrote on August 29 2008. “But no one else can know other than us, that’s very important.”
There’s more here.
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