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Citigroup advisers charged with insider trading

Two Victorian men have been charged with multiple counts of insider trading while acting as brokers for Citigroup Wealth Advisors in Perth, while a third man has also been charged following an investigation by the Australian Securities and Investments Commission (ASIC).

Roberto Gerald Catena, Colin Edward George Hebbard and Flemming Hood Nielsen appeared in the Perth Magistrate’s Court for allegedly possessing inside information regarding a possible takeover of Vision Systems in July and August, 2006.

Catena has been charged with 20 counts of insider trading while employed as a broker with Citigroup for advising five of his clients, including Nielson, to purchase Vision Systems shares.

Hebbard has been charged with four counts of insider trading while employed as a broker with Citigroup for advising three clients to purchase Vision Systems shares.

Nielson has been charged with 13 counts of insider trading for receiving inside information while a client of Catena and using it to purchase shares of Vision Systems through Citigroup and CommSec.

All three men were not required to enter a plea, with the matter being adjourned until 27 April.