Citigroup's Hebbard takes fall for insider trading

Former Citigroup stockbroker Colin Hebbard will be sentenced in the Supreme Court of WA later this month after pleading guilty to insider trading allegations regarding biotechnology firm Vision Systems.

Mr Hebbard pleaded guilty in WA’s Supreme Court on February 27, but his plea was supressed until the conclusion of proceedings against fellow Citigroup brokers Roberto Catena and Flemming Nielsen.

Messrs Nielsen and Catena were acquitted of 28 insider trading charges in March and litigation concerning a further five offenses has been discontinued.

While employed as a Citigroup broker, Mr Hebbard provided insider information regarding a 2006 takeover of Vision Systems to colleague Mark McKenzie.

He will be sentenced in the Supreme Court on April 18.