A Victorian banker has been jailed after he used the proceeds of a criminal scheme to buy an apartment featured on The Block.
Lukas James Kamay made $7 million on the stock market after using market-sensitive data provided by a friend at the Australian Bureau of Statistics, according to Sky News.
“In March 2014, Kamay withdrew $5 million to buy an Albert Park apartment that had been renovated on The Block. He agreed to pay $2.375 million for the home, but was arrested before he could complete the purchase,” Sky News reported.
“Kamay has now forfeited all his assets, including equity in some property that wasn't tainted by his offending.”
The Supreme Court found that Mr Kamay and Christopher Russell Hill agreed to use the ABS data to make about $200,000 each.
However, after a series of trades that netted the pair about $195,000, Mr Kamay then secretly opened new accounts and continued trading.
Justice Elizabeth Hollingworth said Mr Kamay’s profits made this the worst insider trading case to appear before an Australian court.
Mr Kamay was jailed for seven years and three months with a non-parole period of four years and six months.
He pleaded guilty to six charges of insider trading, two charges of identity theft and one charge of money laundering.
The payment of the deposit for The Block apartment prompted the money laundering charge.
Mr Hill was jailed for three years and three months and will serve at least two years behind bars.