Two Perth men have been acquitted of 28 insider trading charges but still face a further five offences after a jury failed to reach a verdict on all the counts.
Roberto Gerald Catena and Flemming Hood Nielsen were accused of engaging in unlawful conduct while possessing inside information on a possible takeover of Vision Systems Limited.
A WA Supreme Court jury returned not-guilty verdicts on 28 out of 33 counts in the indictment but were not able to reach verdicts on the remaining counts.
Catena, 46, was charged with 20 counts of insider trading between July and August 2006 when he was a broker with Citigroup Wealth Advisers and advised five clients, including Nielsen, to purchase VSL shares.
Nielsen, 56, faced 13 counts of insider trading for the same period while he was a client and received the inside information and purchased VSL shares through Citigroup and CommSec.Catena and Nielsen were granted bail to reappear in the WA Supreme Court on April 8 to face the remaining five counts.
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