Professional Bettor Fined after Insider Trading Accusation
LISTEN TO THIS ARTICLE:Racing New South Wales (NSW) has found Nathan Snow, a professional punter who has placed more than 3,000 bets, guilty of seven charges stemming from insider information he allegedly received from his wife and handed him a fine of AU$18,000.
It was reported that Snow capitalized on confidential data passed on by his wife, Sally Snow. She previously held the position of senior trading manager at Tabcorp, one of Australia's leading betting and gaming operators.
Related: Tabcorp Reaches Settlement with Australian Taxation Office
Nathan was informed via messages from Sally about specific horses backed by professional bettors. With this information in hand, he placed bets with several of Tabcorp's competitors, including bet365, Ladbrokes, Betfair, and Beteasy.
Racing NSW Conducts Four-Year Inquiry
Racing NSW embarked on a four-year investigation that ultimately led to these charges against Snow. During this process, they demanded Sally Snow hand over her phone, which presumably contained incriminating evidence.
However, she invoked her legal right against self-incrimination and chose not to comply with the request. Consequently, she was prohibited from making any bets or setting foot in any horse racetracks or training establishments.
While the investigation found that Snow profited roughly AU$1,300 from this insider information, he disagreed with the ruling, yet he acknowledged relief that the ordeal had reached its conclusion.
Related: Tabcorp Fined AU$1 Million for Obstructing Outage Investigation
Snow Maintains His Innocence
Nathan Snow commented on his charges, highlighting the lack of evidence.
I’ve been charged over eight bets over the course of three days after I was examined for 18 months’ worth of data. After a three-year Racing NSW and police investigation, now people can see the greatest racing crime of the 21st century never happened. There was no putting up inflated odds, no unreasonable limits or anything silly.
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Professional Bettor Fined after Insider Trading Accusation