Block buyer facing insider trading case

It’s a story twist worthy of the best Reality show shock promo.

A man who bought an apartment in The Block: Fan vs Faves has appeared in Melbourne Magistrates Court in one of the biggest insider trading cases in Australian history, worth $7 million.

Fairfax reports Lukas Kamay, 26, appeared with Christopher Hill, 24, yesterday charged with insider trading, conspiracy and money laundering.

Hill pleaded guilty to six criminal charges, while Kamay entered similar pleas, but pleaded not guilty to money laundering allegations. He will dispute claims he dealt with proceeds of crime, money or property worth $1 million or more.

In April Kamay bid $2.375 million for Alisa and Lysandra’s Albert Park apartment, but the property and $6.5 million from bank accounts were seized by Federal Police after an arrest in May.

Fairfax reports in phone and text message conversations intercepted by police, Kamay discussed buying The Block apartment in text messages saying it was “good value.”

“Do you watch The Block?” he texted. “Cos I want to buy one of them.”

“I’m calling [the] agent tomorrow … It comes fully furnished.”

The two men will both appear in the Supreme Court on October 1st.