White Collar Crime

Former Macquarie Equities senior client adviser and securities trader Newton Chan, of Balwyn, once earned more than $500,000 a year in his senior role but now will spend the next four months in prison after pleading guilty to eight counts of market manipulation of the share price of collapsed electronic payments company Bill Express. Bill Express ran a network of kiosks used to collect bill payments and collapsed in 2008 owing $250 million. Chan will serve four months jail before being eligible for release. He has also been disqualified from managing corporations.