A former Citigroup broker has pleaded guilty to tipping information about a biotech stock to a fellow broker.
Colin Edward George Hebbard, of Gwelup, Western Australia, possessed inside information regarding a possible takeover of Vision Systems Limited (VSL).
In July 2006 while employed as a broker with Citigroup in Perth, Mr Hebbard, 75, communicated the inside information to a fellow broker, Mark Richard McKenzie.
Mr Hebbard pleaded guilty in the WA Supreme Court on 27 February 2013.
Mr Hebbard’s plea was suppressed until the conclusion of the proceedings in a related insider trading prosecution against Roberto Gerald Catena and Flemming Hood Nielsen (refer 13-058MR)
Mr Hebbard, who is on bail, will be sentenced in the WA Supreme Court on 18 April 2013
ASIC’s investigation arose from a referral from the ASX.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Background
ASIC announced the laying of charges against Messrs Hebbard, Catena and Nielsen in April 2011 (refer 11-72AD).
Five charges of insider trading brought against Mr McKenzie in September 2010 were dismissed by the Melbourne Magistrates Court in May 2011 (refer 10-191AD).