Former Credit Suisse executive pleads not guilty to insider trading
Former Credit Suisse executive Darren Thompson has pleaded not guilty to 11 charges of insider trading.
A former vice-president of Credit Suisse’s investment banking unit has fronted court on insider trading charges, delivering a not guilty plea on 11 counts brought by the corporate watchdog.
The Australian Securities and Investments Commission alleges Darren Thompson offered trading tips to close friend Michael Hull on 11 occasions between May 25, 2008 and June 3, 2011, based on insider knowledge he had due to his employment at Credit Suisse.
Advice provided by Mr Thompson allegedly related to seven ASX-listed companies, with Mr Hull reportedly profiting to the tune of $492,000.
Mr Hull has since admitted guilt on 63 charges and received a 17-month prison sentence in June.
He will, however, be released in January next year with an 18-month good behaviour bond.
Mr Thompson entered his not guilty plea in Sydney’s Downing Centre Local Court today, with the case adjourned. He will return to court on November 15.
The maximum penalties for the alleged offences are either five years in prison and/or a fine of $220,000, or 10 years jail and/or a fine of $495,000.
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