– A New York judge has agreed to release Australian financial analyst and accused inside trader Trent Martin from jail! ending 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 Thursday and appeared before US magistrate Judge Henry Pitman in a Manhattan court on Friday afternoon.
Martin entered not guilty pleas to one count of conspiracy to commit securities fraud and one count of securities fraud. Bail was set at $US250,000.
US prosecutors allege Martin was a key figure in an insider trading scandal involving computing giant IBM’s secret $1.2 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 days later agreed to be extradited to New York, but he remained behind bars in Hong Kong until Thursday.
US prosecutors and the FBI trumpeted Martin’s arrest and extradition, declaring it was a warning to others that no matter where the were in the world, they would be brought to justice in the US.
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 IBM-SPSS deal, and bought call option contracts ahead of the public announcement of the takeover.
It is also alleged Martin told his stockbroker flatmate, Thomas Conradt, about the confidential information and Conradt passed it on to a colleague, David Weishaus.
When IBM announced its acquisition of SPSS on July 28th, 2009, the share price of SPSS common stock rose by 41% in one day! from the prior day’s closing price of $US35.09 per share to a closing price of $US49.45.
While Martin sold some of his SPSS positions before the announcement after confiding to his Kiwi friend what he had done, he still yielded $US7900 from the information, prosecutors allege.
The New Zealander cannot be named because he is a key prosecution witness.
Conradt, Weishaus and two others sold their SPSS positions for a total profit of more than $US1 million, it is alleged.
Conradt and Weishaus are also facing charges. If found guilty, Martin faces up to 20 years’ in prison and a $US5 million fine – AAP


About Jumpin' Jack Cash

Deep connections are the most important aspect of my existence. I don’t care if people don’t know what they want. I love books. I’m cynical of love stories, although I’m romantic. I adore gardens. I like women who challenge me. I love the rain as an excuse to stay inside and dream. I'm furiously impatient. If I ask you a question best to tell me the truth as I'm likely to already know the answer. I'm a carnivore. I continuously underestimate the magic of fresh flowers in my home. I love warm rain in the summer. My mood elevates to epic proportions when the sun shines. Tell me not to do something and I'll do it twice and take photos. Running is my antidepressant. I loathe lies. I rarely forgive a lie. Loyalty and honesty are my most noble virtues, and I value them more than anything in other people. I love to love, and am able to fall in love very quickly, although it's only ever happened once. I understood myself and fixed myself only after destroying myself. My greatest excitement comes from deliberately getting lost in foreign cities. I can be extremely loud and frighteningly silent. I hate insinuations. I love storms. Justice for all. I'm a proud man, but welcome the influence of the feminine soul. I have two sisters. I’m a dreamer. I’m a deep thinker. Don’t deal with guilt trips or drama that well. I'm extremely stubborn and persistent. I'm brilliant at keeping secrets. I love driving. I become absolutely and completely lost while watching a burning fire. When the toast pops from the toaster I’m never ready and shit myself. I play the guitar, but require much improvement. Solitude and warmth of the sun are perfect together. I’ve been married once and now divorced. I’m a music junkie. Chocolate mousse is the shit. I curse too much. I find it difficult to make friends. I spent four years as a firefighter. I’ve run my own company since 1991. Bright lights, big cities. I’ve been an executive producer of a feature film. Some people don’t care, and that’s the biggest let-down of the human race. There are cures and solutions for many evils, but no remedy for the worst of them all - the apathy of human beings. The sound of the Italian language being spoken is as good as my favourite music. I hate corrupt cops. I relentlessly and passionately pursue anybody and anything that sets my soul on fire. I'm a dog lover, and all my dogs are considered family members. I have an obsession with photography. I have some close friends who are household names, but shall always remain anonymous. I’m crazy but not lazy. Losing a soulmate has hurt me badly. My two young sons are the nucleus of my universe. I love airports. I love freedom. If you are dishonest or disloyal, I can erase you from my life and memory immediately and permanently. I yearn to explore, dream about and discover as many friendships, deep connections and places, one possibly can in a lifetime.
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