Three Western Australian businessmen have been charged with multiple counts of insider trading after an Australian Securities and Investments Commission investigation.
Roberto Catena, Colin Hebbard and Flemming Nielsen appeared in Perth Magistrates Court today, over allegations that all three men possessed inside information regarding a possible takeover of Vision Systems in 2006.
Mr Catena has been charged with 20 counts of insider trading, Mr Hebbard four counts, and Mr Nielsen 13.
ASIC alleges that between July 19 and August 7, 2006, Mr Catena advised five of his clients, including Mr Nielsen, to purchase Vision Systems shares while employed as a broker with Citigroup Wealth Advisers.
Mr Hebbard, ASIC alleges, also advised three clients between July 19 and August 4, 2006, to do the same while employed as a broker with Citigroup.
ASIC alleges Mr Nielson received the information and purchased Vision System shares through Citigroup and CommSec, between July 19 and August 4, 2006.
The matter was adjourned to April 27.
Melbourne-based Vision Systems was delisted from the Australian stock exchange in early 2007 after being taken over by US conglomerate Danaher Corporation, then integrated into its Leica Microsystems business.