This stock is out to kill me. Report from the Malaysia Insider.
KUALA LUMPUR, Jan 29 — Oliver Curtis, the son of Lynas Corp’s chief executive Nicholas Curtis, has been charged in a Sydney court with insider trading, The Australian newspaper reported today.
The 27-year-old investment banker was accused of conspiring with John Joseph Hartman, then a portfolio manager at Orion Asset Management, to “front run” share markets over a 13-month period, from May 2007 to June 208, by the use of contracts for difference (CFDs), the daily reported.
CFDs are an arrangement made in a futures contract in which the differences in settlement are paid in cash instead of the delivery of physical goods or securities; and give investors all the gains and risks of owning a security without actually owning it. Curtis junior could be jailed up to five years and/or fined A$200,000 (RM640,000) if convicted under the Australian law, the paper reported.
No plea was recorded as he was not required to do so.
Yep, killing us all! But this is the mentality of the anti-Lynas groups. Oliver Curtis has nothing to do with Lynas, yet these groups still throw anything they can out there to try to ruin the Lynas image.
Agreed, but this issue is a blip on the back page of the local newspapers in Sydney, while it makes headlines in Malaysia. After two years, I was hoping 2013 would start out well for Lynas, but so far, it is business as usual. And that, up to now, has cost me a lot of money.