Insider trading results in ASIC ban
The Australian Securities and Investments Commission (ASIC) has banned Melbourne broker Mark Richard McKenzie from providing financial services for three years after it found that he had engaged in insider trading.
An ASIC investigation found that in 2006, while employed as a broker with Citigroup Wealth Advisers, McKenzie possessed inside information relating to a potential takeover of Vision Systems Limited.
McKenzie purchased shares in the publicly-listed company and advised four of his clients to do the same, ASIC found.
Former Citigroup broker Colin Hebbard was also banned for five years for communicating inside information on Vision Systems to McKenzie and three of his clients and advising them to purchase the stock.
The Administrative Appeals Tribunal upheld ASIC’s banning of McKenzie.
AUTHOR
Mike Taylor
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