The Administrative Appeals Tribunal has upheld ASIC's banning of Perth stock broker, Roberto Gerald Catena.
ASIC investigated Mr Catena after he advised six clients regarding a possible takeover of Vision Systems Limited in 2006.
The ban is effective for five years from May 7 2010.
Mr Catena is appealing to the Federal Court.
See full statement from ASIC below.
The Administrative Appeals Tribunal (AAT) has upheld ASIC's banning of Perth broker, Mr Roberto Gerald Catena, from providing financial services.
Mr Catena, of Osborne Park, was employed as a broker with Citigroup Wealth Advisers Pty Ltd in its Perth office from May 2002 to March 2007.
An ASIC investigation found that between 19 July and 4 August 2006, Mr Catena communicated inside information to six clients regarding the possible takeover of Vision Systems Limited (VSL), a publicly listed company on the Australian Securities Exchange (ASX).
Mr Catena also advised these individuals to acquire VSL shares between 19 July and
9 August 2006.
The ASIC investigation followed a referral from the ASX.
ASIC banned Mr Catena from providing financial services for five years on 4 February 2009. Mr Catena then sought a review of this decision before the AAT.
The AAT upheld the banning order effective for five years on 7 May 2010.
Mr Catena currently has an appeal against the AAT's decision before the Federal Court.
Background
On 4 June 2010, Justice Barker of the Federal Court refused an application by Mr Catena for a stay of the operation of ASIC's banning order and for an order suppressing publication of ASIC's decision.
In related investigations, two other former Citigroup brokers, Mr Colin Hebbard and Mr Mark Richard McKenzie, were also found to have communicated inside information regarding a possible takeover of VSL and advised clients to purchase the stock.
