Friday, April 1, 2011

M'sian jailed 18 months for insider trading in Australia

MELBOURNE: A Malaysian who previously worked for the Macquarie Bank and milked almost A$1.5mil through insider trading has been sentenced to at least 18 months jail.
Oswyn De Silva, 37, who said he was head-hunted by the bank, pleaded guilty to insider trading relating to 12 transactions known as 'front running' between December 2006 and April 2007, the Australian Associated Press (AAP) reports.
New South Wales (NSW) Supreme Court Justice Terence Buddin said Thursday De Silva had a "significant fall from grace", following his conscious decision to illegally acquire the financial product.
The portfolio manager made A$1,412,975, none of which has been recovered, he said.
The Australian Securities and Investments Commission (ASIC) first became suspicious of De Silva in June 2008 after receiving information from the Monetary Authority of Singapore.
In March last year, De Silva was jailed for a minimum of six months for trying to flee the country while under investigation by the corporate watchdog.
He had pleaded guilty to being in contempt of court when he breached NSW Supreme Court orders restraining him from leaving the country.
De Silva said he was "head-hunted" to work for Macquarie Bank after moving to Australia in 2004, and described his position as "very stressful, involving long hours and constant international travel".
The work environment was "toxic", he said.
AAP said De Silva told a psychologist he had a very poor relationship with his superior, who he felt discriminated against him because of his sexuality.
A psychiatrist's report said the offender felt "all my dreams (were) crushed" when he was diagnosed with HIV in 2005 and the doctor determined he was suffering from a "prolonged adjustment disorder with anxious and depressed mood".
The report said De Silva had narcissistic and obsessional personality traits and showed panic symptoms.
In sentencing, the judge took into account De Silva's HIV status and the adverse publicity he had received.
De Silva was ordered to serve two years and six months in jail, with the sentence backdated to Jan 16.
He will be eligible for release in July, next year after serving the minimum of 18 months. - theStarOnline

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