Ex-Citi, Deutsche Bank Australia Heads Charged in Cartel Case

• Stephen Roberts, Michael Ormaechea among six bankers charged • Case centers on ANZ Bank’s A$2.5 billion share sale in 2015

Australian prosecutors charged the former local heads of Citigroup Inc. and Deutsche Bank AG with criminal cartel offenses, the most dramatic move so far in a country bent on taking bankers to task for years of misbehavior.

The case centers on the banks’ actions following a A$2.5 billion ($1.9 billion) share sale by Australia & New Zealand Banking Group Ltd. in 2015. Under Australia’s cartel laws, executives can face up to 10 years in jail if found guilty. The three ...