World Money Laundering Report - back issues 1999 - 2016.
An employee of a securities company placed orders relating to contracts for difference to gain an advantage for two clients at the expense of his employer.
Mr Shun Yuen Ken LI pleaded guilty to dishonestly using his position with GAIN Capital Australia Limited with the intention to make apparent gains. The company offered clients the a service by which share price index (SPI) contracts for difference (CfD) could be traded at the "market-on-open" price, that is a price matching that at which the SPI opened at 9:50 am.
It was alleged that during a three months period during 2015, LI manually entered more than 50 profitable Market-on-Open Orders on the account of two other people, intending that those people would gain a financial advantage.
GAIN Capital has been reimbursed the profits that the two earned, being approximately AUD20,150 and AUD52,400 respectively, a total of AUD72,550.
LI pleaded guilty before the Downing Centre Local Court and was sentenced to 350 hours of community service.
More evidence that threats often come from within.
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