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Trading 'tip of iceberg'
The head of the stockbroking firm founded by Australia's highest-profile insider trader - the late Rene Rivkin - has warned the current $7 million trading scandal is just the tip of the iceberg.
Scott Schuberg's warning came as more details emerged about alleged insider trader, Lukas Kamay, including that he recently started a sports watch company with a family friend. He was also being conscripted to speak to accounting and commerce students at his former university, around the same time as he allegedly began trading.
Mr Kamay, who faces seven criminal charges, was asked to provide insights about the world of trading in financial markets ''that only experience can provide'', according to a Monash University website which has now been removed.
Senior stockbrokers said that the trades, made within the unregulated $5 trillion foreign exchange markets, only came to light because of the unsophisticated nature of the alleged scam and a tip-off by their stockbroker to police.
''For every 26-year-old kid insider trading, there are probably 10 smarter men and women not stupid enough to settle their trades through Australian FX market makers who know their clients' profitability intimately,'' the chief executive of Rivkin, Mr Schuberg, told clients in a broking note on Monday. Mr Schuberg admitted while ''the pot was calling the kettle black'', he was in a ''special position'' to comment on the case. The late Rene Rivkin was convicted for insider trading in 2003.
Mr Kamay and his university friend Christopher Hill - both released on bail - were arrested on Friday after an AFP operation.
Mr Hill is alleged to have passed on key Australian Bureau of Statistics data to Mr Kamay, so that he could invest on fluctuations in the Australian dollar moments before the official release of the data at 11.30am on the relevant days.
Federal Police have uncovered two accounts Mr Kamay held at foreign exchange firm AxiCorp where he made profits of more than $5 million, in addition to the two held at rival Pepperstone Financial where he made around $1.5 million.
Rivkin's Mr Schuberg said both NAB and the ABS deserved to face robust public scrutiny.
''The reality is that the reputations of both of these organisations SHOULD be damaged, because that's the only way they'll focus on deeper cultural reform,'' he said.
It has also emerged that Mr Kamay and his business partner, Melbourne accountant Adrian Zuccarelli, registered the trademark ''LAP'' as a brand name for watches, jewellery and sportswear, in November last year.
Mr Zuccarelli said the plan was to develop a range of ''very cheap'' sporty silicone watches through a company run by the two men, LA Promotions, but the venture never went ahead.
''It was just going to be simple - it was just going to be silicone watches, probably get into the golf industry,'' he said. ''It's something that might have worked, might have not.'' There is no suggestion Mr Zuccarelli had anything to do with the alleged insider trading.
The AFP has frozen Mr Kamay's assets, including two blocks of undeveloped land worth a total of $409,000, one in Darley, just north of Bacchus Marsh worth $289,000 and another in Sebastapol worth $120,000. They have also frozen his purchase of a $2.4 million three-bedroom loft apartment in Albert Park.
Politicians, including Nationals senator John Williams, chair of the Senate economics committee, yesterday called for the government to be given greater powers to supervise the foreign exchange markets. However ASIC was expected to join other government agencies in facing a 10 per cent cut to its $341 million budget in Tuesday's federal budget.
Read more: http://www.smh.com.au/business/t ... .html#ixzz31bWT4PSN |
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