The corporate watchdog has banned Perth stockbroker Colin Hebbard from providing financial services for five years after he passed on inside information regarding a possible takeover while working for Citi Smith Barney .
An investigation by the Australian Securities and Investment Commission found that in 2006, Mr Hebbard had procured three clients and a Citigroup broker to acquire shares in Vision Systems, which was the subject of a possible takeover.
ASIC said that Mr Hebbard, then employed by Citi Smith Barney, had communicated inside information to the clients and the broker.
Mr Hebbard can lodge an appeal over ASIC's decision.
Mr Hebbard was understood to have joined Indian Ocean Capital after leaving Citi.
The ASIC announcement is below:
ASIC has banned Perth broker, Mr Colin Edward Hebbard, of Gwelup, from providing financial services for five years.
Mr Hebbard was employed as a broker with Citi Smith Barney Pty Ltd (Citigroup) in its Perth office from October 2002 to March 2007.
An ASIC investigation found that between 20 July and 4 August 2006, Mr Hebbard communicated inside information to three clients and another Citigroup broker regarding a possible takeover of Vision Systems Limited (VSL), a publicly listed company on the Australian Stock Exchange.
Mr Hebbard also procured these persons to acquire VSL shares.
The ASIC investigation followed a referral from the Australian Securities Exchange.
Mr Hebbard has the right to lodge an application for a review of ASIC's decision with the Administrative Appeals Tribunal.
