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AD09-16 ASIC bans Perth broker for five years

Friday 13 February 2009

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.

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