However, three years later, in December 2015, Mr Doyle notified ASIC he had sold those same 50,000 Nuix shares to his brother Ross Doyle in Switzerland in July 2012. This was six weeks before he owned the shares.
Despite having apparently sold the shares to his brother for $326,000 some three years earlier, booking a $24,500 capital gain, Nuix continued to produce internal and external documents which showed Mr Doyle still owned the shares up until 2015, when their value had jumped to $4 million.
On the day the company was listed on the ASX in December 2020, Ross Doyle was listed as Nuix’s 14th largest shareholder with 2 million shares, worth $10.6 million at the $5.31 issue price.
That same day Mr Doyle and his wife Liza Choa-Doyle splashed out on a $4.6 million penthouse in Pyrmont, on the fringes of Sydney’s CBD.
Last week, the market was informed by the Nuix board that Mr Doyle was being “terminated by mutual agreement”.
The Sydney Morning Herald and The Age do not suggest Dr Castagna and Mr Doyle were the subject of Thursday’s raid.
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Nuix provides the software platforms that regulators, police investigators and tax officials around the world use to run top-sensitive investigations.
The company’s shares took off like a rocket when it floated in December, more than doubling its share price. Macquarie Group booked a half-billion dollar profit when it used the float to sell down its stake in Nuix from 76 percent to 30 per cent.
But only months after the float the share price had crashed 65 percent, wiping $2.4 billion from the company’s market value and seeing angry investors consulting with class-action law firms.
The AFP raid on Thursday was conducted just hours after Nuix chief executive Rod Vawdrey gave a presentation at a Macquarie Group conference early Thursday morning.
He did not address the recent controversies which have engulfed the company.
“We deal with unstructured data .. and we do it with forensic accuracy and chains of custody which means a lot of what we do produces non-disputable evidence that ends up in a courtroom or regulatory compliance investigation,” said Mr Vawdrey.
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