Former Macquarie agri subsidiary exec gets ban

Timothy Hornibrook has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

The Australian Securities and Investments Commission (ASIC) has banned former director of Macquarie Agricultural Funds Management (MAFML) Timothy Hornibrook from providing financial services for six years, Agri Investor reports.

The watchdog has ruled that in 2011 Hornibrook and “some members of the MAFM sales team” invented a fund manager called the Brook Family Office, and set up two email addresses associated with that name, in order to gain sensitive financial information from competitors, according to a statement from the ASIC.

Hornibrook used the fake email addresses to extract sensitive information by pretending to be assessing investment opportunities. ASIC found that between May 2011 and March 2013 similar emails were sent to at least nine Australian and overseas competitor fund managers, requesting information on companies’ backgrounds, investment processes, fund performances and fees.

Read more by visiting Agri Investor: http://www.agriinvestor.com.