Melbourne broker charged with insider trading

15 September 2010
| By Milana Pokrajac |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 2 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 4 days ago