A Sydney man has been charged by a court in the city on eight counts of insider dealing as a result of a probe by the Australian Securities & Investments Commission.

A Sydney man has been charged by a court in the city on eight counts of insider dealing as a result of a probe by the Australian Securities & Investments Commission, it announced yesterday.

The regulator alleges that Fei Yu, 31, procured the acquisition of securities and aided and abetted the acquisition of contracts for difference in Veda Advantage Limited (Veda) in January 2007 while he possessed inside information about a proposed takeover of Veda by Pacific Equity Partners.

In a statement on its website, ASIC said Yu allegedly received the information from close friend, Mr Bo Shi Zhu, who was an executive in the corporate finance advisory division of Caliburn Partnership Pty (now Greenhill & Co, Inc) who were advising Veda regarding the proposed takeover.

Yu allegedly made more than $20,000 from the trades, ASIC said.

Appearing before Sydney’s Downing Centre Local Court, Yu was not required to enter a plea and the matter was adjourned to 7 October.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.