AAT upholds ASIC banning of Perth broker
The Administrative Appeals Tribunal (AAT) has upheld the Australian Securities and Investments Commission’s (ASIC) banning of Perth broker Roberto Gerald Catena from providing financial services.
Catena was employed as a broker with Citigroup Wealth Advisers in Perth from May 2002 to March 2007.
An ASIC investigation found that between 19 July 2006 and 4 August 2006, Catena communicated inside information to six clients regarding the possible takeover of Vision System Limited (VSL) and advised them to acquire company shares between July 19 2006 and August 9 2006.
ASIC banned the Perth broker from providing financial services for five years on February 4 2009, after which Catena sought a review of the decision before the AAT.
The tribunal upheld the banning order, effective for five years, on May 7 2010.
In related investigations, two other former Citigroup brokers, Colin Hebbard and Mark Richard McKenzie, were also found to have communicated inside information regarding a possible takeover of VSL and advised clients to purchase stock.
Roberto Gerald Catena currently has an appeal against the AAT’s decision before the Federal Court.
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