In Australia, ASIC has charged a former senior manager at accounting firm KPMG with insider trading. The former KPMG employee is Andrew Dalzell, who appeared in the Downing Centre Local Court in Sydney and was granted conditional bail pending his next court appearance in February.
ASIC alleges that while in the course of his employment by KPMG in November 2006, Dalzell bought 40,000 shares in Promentum Limited while possessing inside information about a proposal by Promentum to acquire the McMillan Group. Dalzell has been charged with a single charge of insider trading under the Corporations Act.
BusinessDay reports that KPMG alerted ASIC to the issue, and has been cooperating with ASIC since then. A KPMG spokeswoman said Dalzell was no longer employed at the firm.
