Mr Daniel Joffe, 33, of Vaucluse, New South Wales, formerly employed as an Associate Analyst by Moodys Investor Services Pty Ltd, and Mr Nathan Stromer, 31 of Bondi, New South Wales appeared today at the Downing Centre Local Court, Sydney, on charges bought by ASIC.

Mr Joffe and Mr Stromer, have each been charged with ten separate charges of insider trading, contrary to the Corporations Act.

Neither Mr Joffe nor Mr Stromer entered a plea.

The matter will return to the Downing Centre Local Court on 1 June 2010.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background
This brings to five the number of persons charged with insider trading this financial year to date. Two of the five (Messrs O’Reilly and Stephenson) have indicated they will plead guilty and their sentencing hearings will occur before 30 June 2010. This is in addition, to the trial of Mr McCormick who was charged in Perth in December 2008.

Further details are available from ASIC.