Ex-NAB traders to plea in March

Jeffrey Lucy, chairman of the Australian Securities and Investments Commission (ASIC), said the regulatory body has brought criminal charges against the four former foreign currency traders – ex-FX options head Luke Duffy, chief dealer in FX options David Bullen, and options traders Vincent Ficarra and Gianni Gray.

Bullen and Ficarra face 20 charges, including one count of obtaining financial advantage by deception under the Crimes Act, while the remaining 19 charges fall under the Corporations Law, of using a position dishonestly to gain a financial advantage.

Duffy and Gray face three charges of use of a position dishonestly to gain an advantage under the Corporations Law.

The charges came after an ASIC investigation into the defendants found unauthorised trading in FX and FX options at NAB between September 2003 and January 2004.

ASIC alleges that the defendants dishonestly used their positions as NAB employees with the intention of gaining advantages for themselves. ASIC claims they obtained the advantages, which included performance bonuses, by falsely inflating NAB profit figures.