An Australian IT consultant has on Tuesday been sentenced to three years imprisonment after pleading guilty to a total of 11 charges for insider trading, unauthorised access to data with the intention to commit a serious offence, and the alteration of electronic devices required by the Australian Securities and Investments Commission (ASIC).According to a statement from ASIC, Steven Oakes hacked into the private computer network of Melbourne-based financial publisher Port Phillip Publishing (PPP) between January 2012 and February 2016.Oakes accessed PPP’s secure Wi-Fi network and used “hacking software” to intercept and decrypt Wi-Fi data to obtain the network login credentials of PPP staff. He did this with the intention of using PPP’s information to engage in insider trading, ASIC explained. The inside information was to buy recommendations for shares in particular ASX-listed companies from unpublished PPP stock recommendation reports. “The publication of a buy recommendation by PPP for a particular company typically caused an increase in that company’s share price,” ASIC said. Oakes used this information on 70 occasions to buy shares in 52 different companies, before the reports with the buy recommendations were published. ASIC also said he made profits from selling the shares soon after the publication of… Read full this story
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