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Lynas Corporation Limited Message Board

  • bigjay3301 bigjay3301 Jan 29, 2013 1:44 AM Flag

    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.

    Sentiment: Hold

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