Australian extradited to NY in insider trade case

AP News
Posted: Mar 29, 2013 5:56 PM

NEW YORK (AP) — An Australian former research analyst brought to New York from Hong Kong to face trial in an insider trading case has pleaded not guilty.

Bail was set at $250,000 for Trent Martin during his appearance Friday in federal court in Manhattan.

He arrived Thursday in the United States after his extradition from Hong Kong, where he was arrested in December.

The 33-year-old Australian citizen is charged with conspiracy and securities fraud. He is accused of trading illegally ahead of the public announcement of IBM's 2009 acquisition of a software company.

Prosecutors say a corporate lawyer who was on the legal team representing IBM had shared inside information with Martin, his close friend, believing it would be kept confidential.

Martin's lawyers declined to comment.