AUSSIE’S JAIL NIGHTMARE – Sunday March 31 2013

– A New York judge has granted bail to Australian financial analyst and accused inside trader, ending Trent Martin’s bizarre three months behind bars in Hong Kong and Brooklyn.
Martin, 34, a good-looking financial whiz from Sydney’s northern beaches, was extradited under guard by US Marshals from Hong Kong to New York on Friday and appeared before Judge Henry B. Pitman in a Manhattan court yesterday.
Martin entered not guilty pleas to one count of conspiracy to commit securities fraud and one count of securities fraud.
Judge Pitman set bail for Martin at $US250,000, about $AUD240,500.
US prosecutors allege Martin was a key figure in an insider trading scandal involving computer giant IBM’s secret $1 billion takeover of software company SPSS IN 2009.
Martin was arrested in Hong Kong, where he was working as a financial analyst, on December 23rd and agreed to be extradited to New York but, to the frustration of his family and legal team, remained in a Hong Kong jail until this week. He spent Friday night in Brooklyn’s Metropolitan Detention Centre.
US prosecutors and the FBI trumpeted Martin’s arrest and extradition, declaring it was a warning to others that no matter where they were they would be bought to justice in the US.
Martin’s lawyer Larry Krantz complained that while Martin had consented to be extradited to the US only days after his arrest, he had spent months suffering bizarre and cruel treatment in abysmal conditions in a Hong Kong jail. It is alleged Martin, while living in New York and working for a Connecticut-based firm in 2009, took confidential information from a New Zealand banker friend, who was working on the IMB-SPSS deal, and bought call option contracts before the announcement of the takeover caused SPSS common stock to rise 41% in one day.
It is also alleged Martin gave flatmate, stockbroker Thomas C. Conradt, the confidential information and Conradt passed it on to colleague David J. Weishaus. They also face charges.
Martin faces a maximum of 20 years in prison and a $US5 million fine – AAP


About Jumpin' Jack Cash
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