Inside trade appeal fails: [1 All-round Country Edition]
Stapleton, John. Weekend Australian [Canberra, A.C.T] 25 Nov 2006: 5.
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THE decade-long legal battle by former Macquarie Bank high-flyer Simon Hannes to clear his name ended yesterday when he lost his second appeal in theNSW Supreme Court.
THE decade-long legal battle by former Macquarie Bank high-flyer Simon Hannes to clear his name ended yesterday when he lost his second appeal in theNSW Supreme Court.
Recognised as Australia's biggest, most brazen and longest- running insider trader, Hannes spent more than $3 million in legal fees to protest his innocence over a decade.
The charges were brought by the Australian Securities and Investments Commission and prosecuted by the federal Director of Public Prosecutions.
Hannes spent two stints in jail, once for 15 months and once for four months, after being found guilty, having his conviction quashed on appeal, and then being found guilty a second time.
Yesterday he lost his appeal against the second conviction for using inside information to make a $2 million profit on the merger of transport conglomerate TNT with Dutch company KPN.
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