Melbourne broker charged with insider trading
Melbourne broker, Richard McKenzie, appeared in the Magistrates’ Court of Victoria on insider trading charges following an investigation conducted by the Australian Securities and Investments Commission (ASIC).
ASIC alleged that between July and August of 2006, McKenzie possessed inside information regarding a possible takeover of Vision Systems Limited (VSL), purchased VSL shares on his own account and advised four of his clients to do the same. He was employed as a broker with Citigroup Wealth Advisers at the time.
McKenzie was banned from providing financial services for three years. In ASIC’s related investigations, two other former Citigroup brokers, Colin Hebbard and Robert Catena, were banned from providing financial services for five years.
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