Lukas Kamay faces charges for insider trading, corruption and money laundering.

Lukas Kamay faces charges for insider trading, corruption and money laundering. Photo: Joe Armao

Prosecutors in one of the country's biggest insider trading cases will seek to amend charges relating to the $7 million scandal that embroiled the Australian Bureau of Statistics and NAB. 

Former NAB employee Lukas Kamay, 26, and ex-ABS worker Christopher Hill, 24, appeared in the Melbourne Magistrates Court on Thursday for the first time since being arrested in May. 

The pair, understood to be friends from Monash University, were arrested over allegations they used unreleased economic data to trade on foreign currency markets. 

Expected to plead guilty to insider trading charges: Lucas Kamay leaves court.

Expected to plead guilty to insider trading charges: Lucas Kamay leaves court. Photo: Joe Armao

Prosecutors are seeking to amend the charges to reflect the different roles the two men allegedly played in the scheme. 

They will also take into account a confession from Mr Kamay in July. 

It is understood Mr Hill's lawyers will argue that he was not aware such a large amount of money had accumulated in Mr Kamay's bank accounts, and was therefore not as accountable for the offence. 

Christoper Hill: Also expected to plead guilty to insider trading charges.

Christoper Hill: Also expected to plead guilty to insider trading charges. Photo: Joe Armao

Both men are expected to plead guilty to the amended charges when the matter returns to court next month. 

The Australian Federal Police arrested the two men in May after monitoring trades conducted by Mr Kamay through foreign exchange broker Pepperstone Financial. 

Pepperstone reported Mr Kamay to the Australian Securities and Investments Commission some time after the trades began in August last year. 

Police allege Mr Hill, who worked at the ABS's headquarters in Canberra, sent unreleased employment, trade and retail data to his friend Mr Kamay in Melbourne. Mr Kamay then allegedly used the information to make trades from his phone moments before the data was released, effectively predicting movements in the Australian dollar. 

Mr Kamay faces charges of insider trading, corruption of a public official and money laundering. Mr Hill faces charges of insider trading and receiving a corrupt benefit.

Magistrate Peter Reardon stood the matter down until September 16. 

Meanwhile, the broker who allegedly blew the whistle on Mr Kamay's suspicious trades is taking Pepperstone Financial to court over claims he was sacked for alerting the regulator. 

Joel Murphy was running the sales division of foreign exchange broker Pepperstone Financial when he says he became aware of Mr Kamay's suspicious trades. 

He is suing the company and its directors, Owen Kerr and Joe Davenport, for unfair dismissal, after his contract was terminated on the same day news broke of the scandal. 

The matter will be heard in the Federal Court on Tuesday.