Flight Crew Air Transport Pilot (ATP); Flight Crew Flight Instructor; Flight Crew Instrument
Flight Crew Last 90 Days 80; Flight Crew Total 8000; Flight Crew Type 400
Distraction
Conflict NMAC; Deviation - Track / Heading All Types; Deviation / Discrepancy - Procedural Clearance
Flight Crew Took Evasive Action
Environment - Non Weather Related; Human Factors
ATC vectored aircraft to intercept LOC  and informed us of crossing traffic in our vicinity we received two separate traffic alerts and stopped our turn to final to visually attempt to spot the target which caused us to cross through LOC and informed controller we were correcting back on course we then received another traffic alert showing an aircraft within -100 feet so we climb and informed controller we had a traffic alert go off at which point we did make contact visually with traffic ATC  had alerted us to.In the end we made a visual approach to VNY airport not sure what we might have done different as to avoid the situation possibly continued the turn without crossing thru LOC but felt we need to spot the traffic first due to its proximity to us.
A C525B flight crew on a vector to intercept the localizer suffered an NMAC with an unidentified aircraft.  Their decision to stop the turn to intercept; causing them to fly through the localizer; may have been a contributing factor.