The banker at EL&C Baillieu entrapped by an elaborate corporate sting may have lost one last lucrative deal: the float of an infant formula manufacturer going after the huge Chinese market.

Stephen Macaw, the outgoing head of corporate finance at the Melbourne stockbroker, had been hired by a Singapore-based Australian businessman, Nick Dimopoulos, and his wife, Masie Ng-Dimopoulos, to sell shares in their company Nature One Dairy on the stock market, an industry source said.