ASIC Advisory 11-302: NSW tax consultant pleads guilty to insider trading

11–302AD NSW tax consultant pleads guilty to insider trading

Thursday 15 December 2011

Former PricewaterhouseCoopers (PwC) senior consultant, Nicholas Glynatsis, has today pleaded guilty in Sydney’s Downing Centre Local Court to nine charges of insider trading following an ASIC investigation.

Mr Glynatsis, of Russell Lea, Sydney, was a PwC employee between February 2007 and January 2011.

ASIC alleges that between 20 November 2009 and 23 November 2010, Mr Glynatsis acquired securities and contracts for difference (CFDs) in his name and the names of two relatives ahead of eight corporate transactions, including six takeover bids, on which PwC was engaged to provide advice. Total profits from the trading amounted to approximately $50,000.

ASIC alleges that at the time Mr Glynatsis acquired the relevant securities and CFDs, he possessed inside information that he acquired through internal PwC databases holding confidential client information.

The alleged insider trading was identified by ASIC’s Market Surveillance team in September 2010 and referred to ASIC’s Market Integrity Deterrence team for investigation and enforcement action.

Mr Glynatsis is to appear before the Supreme Court on 3 February 2012 for arraignment. The Commonwealth Director of Public Prosecutions is prosecuting the matter.