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(From AFX Europe (Focus))
SYDNEY (XFN-ASIA) - A Sydney-based dealer for Citigroup denied insider trading charges brought by the Australian corporate regulator.
The Australian Securities and Investments Commission (ASIC) has accused Citigroup's Australian arm of insider trading and failing to manage a conflict of interest over stock trades in logistics firm Patrick Corp in August 2005.
In a case which could have international implications for the way investment banks deal in shares, ASIC charged Citigroup after one arm of the bank bought Patrick shares while another was helping organize a takeover of the firm.
Citibank was advising bidder …