Australian Ex-Analyst Charged with Insider Trading
An Australian former research analyst has been indicted in New York on insider trading charges in a $1 million scheme to trade on tips about a 2009 IBM acquisition.
Manhattan federal prosecutors announced charges of conspiracy and securities fraud Wednesday against 33-year-old Trent Martin. Two ex-stockbrokers charged in the case in November have pleaded not guilty.
Prosecutors say the three conspired to trade illegally ahead of the public announcement of IBM's acquisition of a software company, SPSS Inc. They say a corporate lawyer who was on a legal team representing IBM had shared inside information with his close friend, Martin, believing it would be kept confidential.
Martin, an Australian citizen, was arrested Saturday in Hong Kong. It was not immediately clear who will represent Martin in the case.