Story image

Sydney IT consultant charged with insider trading and unauthorised access to data

15 May 18

Sydney IT Consultant Steven Oakes has been charged with 115 offences for unauthorised access to data held in a computer, insider trading, and destroying or concealing books required by the Australian Securities and Investments Commission (ASIC).

According to the ASIC, between January 2012 and February 2016, Oakes gained unauthorised access to inside information held on the private computer network of a Melbourne-based financial publisher.

The information accessed comprised of recommendations to buy particular shares that were about to be published in stock recommendations reports.

ASIC alleges that Oakes then used this information on 70 occasions to buy shares in 52 different ASX-listed companies before the ‘Buy’ recommendations for the shares in those companies were published.

ASIC says Oakes made profits from selling the shares a short time later, following the reports’ publication.

ASIC also alleges that in March 2016, Oakes concealed, destroyed, mutilated or altered ‘books’ in the form of electronic devices that were required to be produced to ASIC in connection with the investigation.

Specifically, Oakes’ charges comprised:

  • 43 serious computer offences under s477.1(1) of the Criminal Code (Cth) for unauthorised access to data held in a computer with the intention to commit a serious offence, namely insider trading;
  • 70 insider trading offences under s1043A (1) of the Corporations Act 2001 (Cth); and
  • 2 offences under s67(1) of the Australian Securities and Commission Act 2001 (Cth) for conduct that resulted in the concealment, destruction, mutilation or alteration of books required by ASIC.

Oakes doesn’t have to enter a plea and the matter was adjourned to 25 June 2018 for committal mention.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Hillstone CTO's 2019 security predictions
Hillstone Networks CTO Tim Liu shares what key developments could be expected in the areas of security compliance, cloud, security, AI and IoT.
Can it be trusted? Huawei’s founder speaks out
Ren Zhengfei spoke candidly in a recent media roundtable about security, 5G, his daughter’s detainment, the USA, and the West’s perception of Huawei.
Oracle Java Card update boosts security for IoT devices
"Java Card 3.1 is very significant to the Internet of Things, bringing interoperability, security and flexibility to a fast-growing market currently lacking high-security and flexible edge security solutions."
Sophos hires ex-McAfee SVP Gavin Struther
After 16 years as the APAC senior vice president and president for McAfee, Struthers is now heading the APJ arm of Sophos.
Security platform provider Deep Instinct expands local presence
The company has made two A/NZ specific leadership hires and formed several partnerships with organisations in the region.
Half of companies unable to detect IoT device breaches
A Gemalto study also shows that the of blockchain technology to help secure IoT data, services and devices has doubled in a year.
Stepping up to sell security services in A/NZ
WatchGuard Technologies A/NZ regional director gives his top tips on how to make a move into the increasingly lucrative cybersecurity services market.
Huawei founder publically denies spying allegations
“After all the evidence is made public, we will rely on the justice system.”