IAS appear to have had 2 enormous losers, which they are...

IAS appear to have had 2 enormous losers, which they are unlikely to repeat. In fact one of them could just as easily turn back into a big winner, as he might well have elite form analysts at his disposal.

No one wants IAS to breach customer confidentiality.

However IAS started to turnaround in Autumn 2002, when apparently these huge losses started.

IAS could have simply announced "record gross of $x for Autumn carnival" without compromising any client. Instead they explicitly denied any knowledge, when the ASX asked them.

Meanwhile insiders, of course, knew, and might well have made a killing.