Australian New Zealand Bank (ANZ) has been charged with criminal charges by the federal prosecutor for allegedly conspiring to cartel (cartel conduct, in a $2.5 billion share placement in 2015. Executives accused of taking part in the case and charging huge fees and bonuses could face up to 10 years in prison.
Bankers charge huge fees for such deals, allowing them to live lavishly in luxury properties worth millions of Australian dollars.
The most prominent banker accused of taking part in the case is Stephen Roberts., the former chief executive of Citigroup Australia, who is now retired. The banker sold a luxury home in 2016 for A $81 million, a staggering price. The mansion has five bedrooms, seven bathrooms, a tennis court and an indoor swimming pool, as well as a reservoir and hay shed for storage.
Above, decibels show the swimming pool inside Roberts and its mansion.
Roberts and his wife also sold Woollahra`s three-bedroom townhouse last year for A $3.65 million and moved to the A $3.1 million St Kilda apartment in Melbourne.
Meanwhile, Michael Ormaechea, the former chief executive of Deutsche Bank Australia, lives in a A $7.73 million mansion in Mosman, and Rick Moscati, head of finance at ANZ Bank, lives in a US $3.75 million mansion in Brighton, Melbourne. A neighbor of cricket star Shane Warne.
The picture shows the former chief executive of Deutsche Bank`s Australian branch and his A $7.73 million mansion.
Other alleged bankers include Citibank`s John McLean and Itay Tuchman;, as well as former Deutsche Bank employees, Michael Richardson., who now works for Merrill Lynch. As part of the August 2015 financing case, the bankers were tasked with selling 80.8 million shares of ANZ shares to institutional investors. But 25.5 million of them were unsold, meaning underwriters Deutsche Bank, Citibank and JPMorgan were in charge of selling shares to the market.
The picture shows Rick Moscati, head of finance at ANZ Bank, who owns a A $3.75 million mansion.
Media reports said they held a video conference call to discuss how and when to sell the A $789.2 million stock to minimise the risk of ANZ`s share price.
This is what the Australian Competition and Consumer Commission is worried about. In addition, investors were not informed that ownership of unsold shares was passed to underwriters. The deal will bring revenue and bonuses to all those involved in the deal.
All the bankers named and the three banks they worked at the time denied the charges and said they would defend them.
Yesterday confirmed that both Moscati and Richardson had left the case before the trial. Citibank said yesterday that Tuchman and Mc?Lean did not leave or would not step down. Ormaechea now works for Flag Group, an investment firm in Sydney, but the company declined to respond to reporters` calls.
