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.