Securities: Former JP Morgan Chase employee pleads guilty to insider trading
Elisa Rietbergen, 38, of Kensington, New South Wales and Joseph Levi, 39, of Surry Hills, New South Wales, have both pleaded guilty to a charge of insider trading in Downing Magistrates' Court. Rietbergen was formerly employed by JP Morgan Chase Bank.
ASIC, the Australian Securities and Investment Commission alleged that Rietbergen obtained confidential information relating to the disposal of Valad Property Group (Valad) to interests related to the Blackstone Group L.P., a large investment company.
ASIC's case is that obtained the information in the course of her employment and passed it to Levi who then bought shares in Valad on 27 April 2011, two days before an announcement was made to the Australian Stock Exchange (ASX).
Rietbergen and Levi have both pleaded guilty but the case has been remanded to the District Court for sentencing. Bail was granted on stringent conditions including the surrender of passports.
ASIC identified suspicious transactions during an inspection in May 2011 and began an investigation in June.
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