Two Western Australian men have been acquitted of multiple insider trading charges, according to the Australian Securities and Investments Commission (ASIC).
Roberto Gerald Catena and Flemming Hood Nielsen were accused of involvement in unlawful conduct while in possession of inside information regarding a possible takeover of Vision Systems Limited (VSL).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The jury trial of the two men started on 27 February 2013 in the WA Supreme Court before the Hon Justice Corboy.
Catena, 46, of Osborne Park, was charged with 20 counts of insider trading in that between 19 July and 7 August 2006, while employed as a broker with Citigroup Wealth Advisers Pty Ltd (Citigroup) in Perth, he advised five of his clients, including Nielsen, to purchase VSL shares.
Nielsen, 56, of Floreat, faced 13 counts of insider trading in that between 19 July and 4 August 2006, while a client of Catena, he received the inside information and purchased VSL shares through Citigroup and CommSec.
On Tuesday, 19 March 2013, the jury returned not guilty verdicts on 28 counts out of 33 counts in the indictment.
Catena and Nielsen were bailed to appear on 8 April 2013 at the WA Supreme Court for a mention regarding the remaining counts.
ASIC’s investigation arose from a referral from the ASX.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
