ASIC: Former Portfolio manager pleads guilty to misusing his position
ASIC has released a warning informing that a former Vanguard Investments Australia Limited portfolio manager pleaded guilty in the Supreme Court of Victoria to making improper use of his position.
Mark Hildebrandt was employed by Vanguard, which acts as responsible entity for a number of registered schemes, to manage a number of these schemes focused on international equities.
During 2010, Mr Hildebrandt placed a number of orders for Canadian S&P/TSX 60 Index Standard Futures contracts traded on the Bourse de Montréal on behalf of Vanguard, while also placing substantially matching orders for the same financial product on his personal trading account.
The matching orders were placed such that Mr Hildebrandt’s personal orders would trade against the Vanguard orders at favourable prices enabling Mr Hildebrandt obtain a substantial personal profit.
The matter has been set down for a sentencing hearing in the Supreme Court of Victoria on 7 and 8 May 2014.
ASIC’s investigation into the conduct of Mr Hildebrandt arose from a referral from the Bourse de Montréal. ASIC’s investigation has involved making enquiries and obtaining evidence from Canada, United States, United Kingdom, Hong Kong and Japan.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Source: ASIC
