Ban on former Citigroup Wealth Advisers broker upheld
The five-year ban of a former Citigroup Wealth Advisers broker has been upheld following an unsuccessful appeal to the Federal Court in Perth.
Roberto Catena was banned by the Australian Securities and Investments Commission (ASIC) from providing financial services for five years on 4 February 2009 and sought a review from the Administrative Appeals Tribunal (AAT). The ATT upheld the ban effective from 7 May 2010.
Catena was employed as a broker with Citigroup Wealth Advisers in Perth from May 2002 to March 2007, and communicated inside information to six clients regarding the possible takeover of Vision Systems Limited (VSL), a publicly listed company on the Australian Securities Exchange. He also advised these clients to acquire VSL shares between 19 July and 9 August 2006.
This ban is one of a series of bans involving insider information regarding VSL.
Another Perth broker, Colin Edward Hebbard, who worked for Citi Smith Barney (Citigroup) until March 2007, was banned from providing financial services for five years in February 2009. In January 2010, ASIC banned Melbourne broker Mark Richard McKenzie of Citigroup Wealth Advisers from providing financial services for three years.
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
