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Former portfolio manager charged with 63 counts of misusing his position

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A former Vanguard Investments Australia portfolio manager is facing more than 60 charges of making improper use of his position as an employee of the index fund manager, allegedly benefiting to the tune of AUD600,000.

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.

ASIC alleges on 63 occasions between 18 May 2010 and 6 December 2010, Hildebrandt placed orders for Canadian S&P/TSX 60 Index Standard Futures contracts 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.

ASIC alleges the matching orders were placed such that Hildebrandt’s personal orders would trade against the Vanguard orders at prices that enabled Hildebrandt to profit personally by approximately AUD600,000 at the expense of Vanguard or its registered schemes.

Hildebrandt was not required to enter a plea. The matter has been adjourned for a committal mention hearing in the Melbourne Magistrates’ Court on 15 November 2012.

ASIC’s investigation into the conduct of Hildebrandt arose from a referral from the Bourse de Montréal.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.
 

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