Christopher Hill, formerly of the Australian Bureau of statistics (ABS), and Lukas James, formerly of the National Australia Bank (NAB), have admitted using market-sensitive information illegally.

Christopher Hill. Photo: www.heraldsun.com.au

Christopher Hill. Photo: www.heraldsun.com.au

In the Melbourne Magistrates Court on Tuesday Kamay, 26, and Hill, 24, confessed to six charges brought against them.

The two were friends from university who decided to use their respective positions in a scheme that netted them over $7 million dollars.

Hill, from Belconnen in the ACT, joined the ABS as a technical statistics expert in the field of labour force and employment data. He accessed ABS labour force and retail trade reports prior to their release. This information he then passed on to Kamay.

Lukas Kamay. Photo: www.news.com.au

Lukas Kamay. Photo: www.news.com.au

Kamay, of Clifton Hill Melbourne, was working on the NAB foreign exchange desk, making derivative trades. He used the information from Hill to give himself an unfair advantage over the rest of the market.

Both men confessed their guilt over the fraudulent use of information used to make the trades. However Kamay pleaded not guilty to a further charge of dealing with the proceeds of the crime.

Both men were granted bail. They were directed to appear before the Victorian Supreme Court on October 1 for a directions hearing.

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