Two men have been arrested over an insider trading scheme that netted them $7 million. Source: AAP
A MELBOURNE bank officer and a Canberra public servant have been arrested over an alleged $7 million insider trading operation.
Australian Federal Police allege the National Australia Bank employee obtained market sensitive information from the Australian Bureau of Statistics employee.
The banker used the information to predict fluctuations in the Australian dollar, the AFP says.
The activity - which generated about $7 million in profits - occurred between August last year and this month, AFP acting assistant commissioner Ian McCartney said.
The AFP executed eight search warrants and seized assets in Melbourne and Canberra on Friday.
The 26-year-old Melbourne man has been charged with offences relating to the use of insider information and corrupting a public official.
Police stressed he did not use any funds or systems from the NAB in the course of his offending.
"He was operating of his own accord," Mr McCartney said.
The 24-year-old Canberra man faces insider trading, corruption and abuse of public office charges.
The investigation was a joint operation with the AFP and Australian Securities and Investments Commission.
The men, who know each other from university, are appearing in court in Canberra and Melbourne later on Friday.
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