Husband and Wife at the Focus of Tabcorp Insider Trading Scandal

Crimes related to insider trading are difficult to uncover but not impossible. A new report suggests that an experienced bettor, who received insider information from his wife, was found guilty of seven charges and received a fine as well. As reported by The Sydney Morning Herald, Nathan Snow, a professional punter who is claimed to have placed more than 3,000 wagers, was found guilty of seven charges by Racing New South Wales (NSW) and fined AU$18,000 ($11,500).

Reportedly, the professional bettor leveraged inside information provided by his wife Sally Snow, who used to hold the role of a senior trading manager at the ASX-listed betting and gaming giant in Australia, Tabcorp. Mr Show received messages from his wife, containing sensitive information about horses that are backed by professional bettors and then used this to place wagers with Bet365, Ladbrokes, Betfair and Beteasy, all rivals of Tabcorp.

Greatest Racing Crime Never Happened

The latest announcement comes after a four-year investigation led by Racing NSW. In light of the investigation, the regulator asked Ms Show to surrender her phone. Yet, she refused to provide it, asserting the law that provides privilege against self-incrimination. As a result, Ms Snow was banned from placing any wagers or attending any horse racetrack or training facility.

“I’ve been charged over eight bets over the course of three days after I was examined for 18 months worth of data.“

Nathan Snow

Overall, the probe uncovered that Mr Snow made approximately AU$1,300 ($834) from the insider trading scheme. Commenting on the topic, he said that he disagreed with the judgment but pointed out that he is happy to see this matter closed once and for all.

“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,”

added Snow

Moreover, Mr Snow said that despite the lengthy investigation, it is now clear that the “greatest crime of the 21st century never happened.” Last but not least, he said that after the examination of data covering 18 months, he was charged with only eight bets placed over the course of three days.