Citigroup Global Markets Australia Pty Limited (C), Deutsche Bank Aktiengesellschaft (DB) and Australia and New Zealand Banking Group Ltd (ANZBY) have been charged with criminal cartel offenses following an investigation by the Australian Competition & Consumer Commission.
Criminal charges have also been laid against several senior executives: John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ. The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup. ANZ and each of the individuals are alleged to have been knowingly concerned in some or all of the alleged conduct.
The cartel conduct is alleged to have taken place following an ANZ institutional share placement in August 2015.
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