Two Western Australian men have been acquitted of multiple insider trading charges, the Australian Securities and Investments Commission said yesterday.

Roberto Gerald Catena and Flemming Hood Nielsen were accused of engaging in unlawful conduct while in possession of inside information regarding a possible takeover of Vision Systems Limited.

The jury trial of the two men started on 27 February 2013 in the WA Supreme Court before the Hon Justice Corboy, ASIC said in a statement.

“Mr Catena, 46, of Osborne Park, was charged with 20 counts of insider trading in that between 19 July and 7 August 2006, while employed as a broker with Citigroup Wealth Advisers Pty Ltd (Citigroup) in Perth, he advised five of his clients, including Mr Nielsen, to purchase VSL shares,” the regulator said.

“Mr Nielsen, 56, of Floreat, faced 13 counts of insider trading in that between 19 July and 4 August 2006, while a client of Mr Catena, he received the inside information and purchased VSL shares through Citigroup and CommSec,” it continued.

On Tuesday 19 March 2013 the jury returned not guilty verdicts on 28 out of 33 counts in the indictment, not being able to reach verdicts on the remaining counts.

Catena and Nielsen were bailed to appear on 8 April 2013 at the WA Supreme Court for a mention regarding the remaining counts.

ASIC’s investigation arose from a referral from the ASX and the matter was prosecuted by the Commonwealth director of public prosecutions, according to the statement.