Defense Barrister Chris Boyce SC has argued to the Victorian Court of Appeal that his client Lukas James Kamay, 26, should have his sentence cut in half.

Justice Hollingworth sentenced Kamay in March for the largest insider trading case to come before an Australian court. He said at sentencing, “This was offending within the worst category.”

Kamay had used data provided by his university friend Russell Hill. Hill had access to sensitive data from his work at the Australian Bureau of statistics.

Between 2013 and 2014 Kamay used this information to make more than 45 sotck exchange trades, earning himself more than $7 million.

Barrister chris Boyce argued that “… for the level of prfit, the crown would not have submitted that this was the worst case of insider trading in this country.”

He contended that “$7 million is less than a drop” in a market worth in excess of $5.51 trillion.

It’s hard to see how the comparison between profits earned by Kamay relates to the overall liquidity of the stock market?

Kamay was jailed for seven years and three months, with a non-parole period of four years and six months. He pled guilty to six charges of insider trading, tow of identity theft, and one of money laundering.

His confederate, Hill, was sentenced to three years and three months for his part in the deception.

The maximum sentence Kamay could have received was forty years.

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