An ASIC investigation has resulted in a guilty plea from former PricewaterhouseCoopers (PwC) senior consultant Nicholas Glynatsis to nine charges of insider trading in Sydney’s Downing Centre Local Court.
Glynatsis was employed by PwC between February 2007 and January 2011.
ASIC alleged securities and contracts for difference (CFDs) were purchased by Glynnatsis using his own name and those of two relatives ahead of eight corporate transactions between 20 November 2009 and 23 November 2010.
The transactions included six takeover bids on which PwC was hired to provide advice, the regulator said, adding profits from all trades totalled about $50,000.
The corporate watch dog alleged Glynatsis had inside informaiton gleaned via internal PwC databases containing confidential client information when the securities in question were acquired.
The matter was investigated and actioned by ASIC’s market integrity deterrence team after a referal from the regulator’s market surveillance team in September 2010 that identified the problem.
Glynatsis is to appear before the Supreme Court on 3 February for arraignment. The Commonwealth Director of Public Prosecutions is prosecuting the matter.
