On May 14, ASIC charged an IT consultant with insider trading.
- Steven Oakes breached private network of Melbourne based financial publisher.
Alleged Violations
- Charges comprise of 115 offences for unauthorized data access, insider trading,
- As well as destroying, concealing, mutilating or altering books required by ASIC.
- Information regarded shares due to be published in recommended stock reports.
- Oakes bought shares in 2 ASX-listed companies prior to ‘buy’ recommendations.
- Profited from selling shares a short time later, following the reports’ publication.
Effectiveness
- Oakes was not yet required to enter plea and matter adjourned to Jun, 25, 2018.
