ex-anz manager fined for insider trading

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    Ex-ANZ manager fined for insider trading
    AAP News
    17:11:020 15/02/2005
    MELBOURNE, Feb 15 AAP - A former manager at ANZ Banking Group
    Ltd who engaged in insider trading was fined $75,000 in the Federal
    Court today.
    The corporate regulator alleged that ANZ client relationship
    manager John Petsas passed on confidential and price-sensitive
    information about the impending BRL Hardy-Constellation merger to
    Marc Miot.
    Mr Miot was fined $65,000 and the two were ordered to pay
    compensation of $128,495 which was they amount they gained in the
    insider trading.
    The case related to the purchase of exchange-traded call options
    of BRL Hardy on January 13 2003, the day before the public
    announcement of merger discussions between the wine group and
    Constellation Brands.
    As part of an agreed settlement, Petsas and Miot consented to a
    declaration being made that they contravened the insider trading
    provisions of the Corporations Act.
    The chairman of the Australian Securities and Investments
    Commission (ASIC) Jeffrey Lucy said the case underlined ASIC's
    determination to pursue people who engage in insider trading.
    'Neither ASIC nor the community will tolerate people who use
    privileged and sensitive information for their own personal
    benefit," Mr Lucy said.
    AAP e
 
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