Ex KPMG manager pleads guilty to insider trading with Promentum

According to ASIC, Andrew Dalzell pleaded guilty in the Supreme Court of New South Wales last week to one charge of insider trading following an ASIC investigation.

The Commission said that Mr Dalzell bought 40,000 shares in Promentum in 2007 while employed by KPMG.

"At the time of the purchase, Mr Dalzell possessed inside information which he'd acquired in the course of his employment about a proposal by Promentum to acquire the McMillan Group. KPMG was advising Promentum on the proposal," ASIC said.

ASIC commenced an investigation into Dalzell's actions after concerns were raised by KPMG.

Promentum was acquired by Geon in 2007, while the McMillan Group was acquired by Blue Star in the same year.

Dalzell has been granted conditional bail and will return to the court on 21 March 2011 for sentencing. He faces a maximum penalty of up to five years' imprisonment, a $220,000 fine, or both.

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