The head of the stockbroking firm founded by Australia's highest-profile insider trader - the late Rene Rivkin - has warned the current $7 million trading scandal is just the tip of the iceberg.

Scott Schuberg's warning came as more details emerged about alleged insider trader, Lukas Kamay, including that he recently started a sports watch company with a family friend. He was also being conscripted to speak to accounting and commerce students at his former university, around the same time as he allegedly began trading.

Christopher Hill was bailed. Credit:Alex Ellinghausen

Mr Kamay, who faces seven criminal charges, was asked to provide insights about the world of trading in financial markets ''that only experience can provide'', according to a Monash University website which has now been removed.

Senior stockbrokers said that the trades, made within the unregulated $5 trillion foreign exchange markets, only came to light because of the unsophisticated nature of the alleged scam and a tip-off by their stockbroker to police.