HotCopper user accused of insider trading

The Australian Securities and Investments Commission (ASIC) has alleged that a Melbourne retiree relayed market sensitive information through online share trading website HotCopper, after raids on his home computer linked him to the website. Yesterday Peter Robert Woodland appeared in the Melbourne's Magistrates Court and faced 17 charges of insider trading. The charges relate to information about Kanowa Consolidated Gold Mines, now know as Andean Recourses, buying a gold mine in Argentina. After the official announcement the company's shares increased from around $0.43 to $0.91. The hearing continues today.