Australian Insider Trading Duo Plead Guilty on Multiple Charges
Tuesday,16/09/2014|13:01GMTby
George Tchetvertakov
The defendants in the country biggest insider trading case plead guilty to almost all charges. The two may face several years in prison after exploiting unreleased information and data to reap $7 million.
Lukas Kamay, 26, and Christopher Hill, 24, have pleaded guilty to multiple charges relating to insider dealing in a high profile prosecution that is stirring up a great deal of public attention in Australia.
Lukas Kamay
Mr. Hill was in a unique position to obtain embargoed employment, trade and retail data as part of his duties at the Australian Bureau of Statistics (ABS), a government agency that collates data on the Australian economy. He shared this information with Mr. Kamay, and between August 2013 and May 2014 the pair collaborated to place timely trades in the currency markets, speculating on the movements of AUD/USD via mobile phones with the intention of avoiding suspicion and distancing their involvement.
The illicit trading activity has earned the pair over $7 million.
In a brief session at the Melbourne Magistrates Court on Tuesday, the two defendants sat next to each other looking rather sheepish throughout the session, with parents and defense council in close attendance. High media and public interest in the case (given the rarity of insider dealing prosecutions in Australia) ensured that the court room was filled to capacity. Mr. Hill in particular was visibly nervous, maintaining a whiter shade of pale throughout.
Christopher Hill
The defendants were represented by separate legal teams and both pleaded guilty to all charges with Mr. Kamay pleading ‘not guilty’ to a charge of ‘handling proceeds of crime’.
Both Mr. Hill and Mr. Kamay are expected to appear at the Supreme Court on October 1st in Melbourne, potentially facing several years imprisonment for their crimes, although Mr. Hill’s defense team is claiming that he was unaware of the extent of Mr. Kamay’s trading activities, and consequently should not be held responsible to the same degree.
Too Small to Protect
In view of their guilty pleas, it will be intriguing to learn the final verdict and severity of sentences for Mr. Kamay and Mr. Hill. Even more intriguing is that far larger ‘insiders’ not only use insider data to profit from currency market movements, but also oligopolistically manipulate the FX market on a global scale and avoid all criminal charges while doing so.
This case is another example of how the ‘little guys’ with an inside edge on the market are the ones looking down the barrel of a double-digit prison sentence, whereas ‘large financial intermediaries’ are only facing inquiries, guidance and fines from regulatory agencies, despite admissions of prolonged market abusive behavior.
Lukas Kamay, 26, and Christopher Hill, 24, have pleaded guilty to multiple charges relating to insider dealing in a high profile prosecution that is stirring up a great deal of public attention in Australia.
Lukas Kamay
Mr. Hill was in a unique position to obtain embargoed employment, trade and retail data as part of his duties at the Australian Bureau of Statistics (ABS), a government agency that collates data on the Australian economy. He shared this information with Mr. Kamay, and between August 2013 and May 2014 the pair collaborated to place timely trades in the currency markets, speculating on the movements of AUD/USD via mobile phones with the intention of avoiding suspicion and distancing their involvement.
The illicit trading activity has earned the pair over $7 million.
In a brief session at the Melbourne Magistrates Court on Tuesday, the two defendants sat next to each other looking rather sheepish throughout the session, with parents and defense council in close attendance. High media and public interest in the case (given the rarity of insider dealing prosecutions in Australia) ensured that the court room was filled to capacity. Mr. Hill in particular was visibly nervous, maintaining a whiter shade of pale throughout.
Christopher Hill
The defendants were represented by separate legal teams and both pleaded guilty to all charges with Mr. Kamay pleading ‘not guilty’ to a charge of ‘handling proceeds of crime’.
Both Mr. Hill and Mr. Kamay are expected to appear at the Supreme Court on October 1st in Melbourne, potentially facing several years imprisonment for their crimes, although Mr. Hill’s defense team is claiming that he was unaware of the extent of Mr. Kamay’s trading activities, and consequently should not be held responsible to the same degree.
Too Small to Protect
In view of their guilty pleas, it will be intriguing to learn the final verdict and severity of sentences for Mr. Kamay and Mr. Hill. Even more intriguing is that far larger ‘insiders’ not only use insider data to profit from currency market movements, but also oligopolistically manipulate the FX market on a global scale and avoid all criminal charges while doing so.
This case is another example of how the ‘little guys’ with an inside edge on the market are the ones looking down the barrel of a double-digit prison sentence, whereas ‘large financial intermediaries’ are only facing inquiries, guidance and fines from regulatory agencies, despite admissions of prolonged market abusive behavior.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
