Insider trader Lukas James Kamay, who bought a $2.3 million apartment from The Block TV series, has been jailed for seven years and three months for his part in the Australian Bureau of Statistics scam.
The 26-year-old former NAB employee told the Victorian Supreme Court he bought the property to try to lift himself out of depression.
Kamay and Christopher Russell Hill, 25, used market sensitive data, including jobs and retail sales, before its official release by the ABS to make $7 million trading shares.
Hill, a former ABS employee from Canberra, was sentenced to three years and three months jail with a minimum of two years.
Kamay must serve four years and six months to be eligible for parole.
Both men pleaded guilty to charges of insider trading, money laundering and identity theft.
Commonwealth Director of Public Prosecutions Robert Bromwich, SC, told a pre-sentence hearing that Kamay had used the purchase of the Block apartment in the leafy Melbourne suburb Albert Park as a “cloak of respectability” to hide his crimes.
Counsel for Kamay, defence barrister Peter Morrissey, SC, said there was “a focus on winning” at the NAB and previously at other employers Goldman Sachs and JBWere.
“The culture is one reminiscent of Hollywood movies where morality is secondary to success,” he said, detailing a practice of ringing a bell for trades over $10,000 and ringing it three times for trades over $30,000.