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May 23, 2011

Former KPMG manager charged with insider trading

A former senior manager at KPMG Australia has been charged with insider trading and sentenced to two years community service by the Sydney Supreme Court.

The Australian Securities and Investments Commission ruled Andrew Dalzell had used insider information obtained while working as a corporate adviser when he traded in shares of printing company Promentum in 2006.

It is alleged that when Dalzell purchased the 40,000 shares he was part of the KPMG team advising Promentum on a proposal to acquire McMillan Group.

Dalzell will serve his sentence under an Intensive Correction Order, which is administered under the strict supervision of New South Wales Corrective Services.

 

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