ASIC has permanently banned Mr Heath Starbuck, of Keilor East, Victoria [Redacted on X January 2020 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.].

Mr Heath Starbuck

Mr Starbuck, a former employee of Citigroup Pty Ltd (Citigroup), was permanently banned after an ASIC investigation found he had defrauded Citigroup of $176,750 between May 2003 and December 2005.

At the time of the alleged offence, Mr Starbuck was employed as a Margin Loan Supervisor and was responsible for conducting month-end reconciliations of Margin Loans Accounts for Citigroup Wealth Advisors Pty Ltd.

Citigroup notified ASIC of the issue and co-operated fully during its inquiries.

Mr Starbuck ceased employment with Citigroup on 7 February 2006. His conduct has also been reported to Victoria Police.

[Redacted x January 2020 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]

‘ASIC will act quickly to remove participants from the financial services industry who act dishonestly and misappropriate client funds from licensees’, said ASIC’s Deputy Executive Director of Enforcement, Mr Allen Turton.

Mr Starbuck and [Redacted x January 2020 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.] have the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.