NAB insider trading duo, Lukas Kamay and Christopher Hill, plead guilty over $7 million scheme

THE men behind an insider trading scandal that rocked the financial world have pleaded guilty over the $7 million scheme.

Lukas Kamay and uni mate Chris Hill

A FORMER National Australia Bank employee and a public servant have pleaded guilty to a $7 million insider trading scheme.

Former NAB worker Lukas James Kamay and Australian Bureau of Statistics (ABS) employee Christopher Russell Hill used confidential market-sensitive information in trades that netted about $7 million in profits.

Kamay, 26, and Hill, 24, both pleaded guilty to six charges in the Melbourne Magistrates Court on Tuesday.

Hill, of Belconnen in the ACT, used his position with the ABS to access data on the labour force and retail trade before its official release.

Chris Hill leaves the Melbourne County court.

He then passed it to his university friend Kamay in Melbourne, who used the information to make foreign exchange derivative trades.

Kamay, of Clifton Hill, worked for NAB in Melbourne on the foreign exchange desk but was not involved in derivatives trading. Hill started with the ABS in January 2011 as a technical statistics expert preparing labour force and employment reports.

Both men pleaded guilty to six charges over the trades, but Kamay pleaded not guilty to a charge of dealing with the proceeds of crime.

They were granted bail to face a directions hearing in the Victorian Supreme Court on October 1.

Originally published as NAB insider trading duo, Lukas Kamay and Christopher Hill, plead guilty over $7 million scheme