A decision by Australia’s financial services regulator to permanently ban former Astarra director Eugene Liu from providing financial services has been upheld by the Administrative Appeals Tribunal.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Astarra Asset Management was one of the groups caught up in the collapse of Trio Capital.
A senior member of the Administrative Appeals Tribunal, Jan Redfern, said there was no evidence to suggest Mr Liu had reformed or that he admitted and is remorseful about his conduct.
‘‘He takes no responsibility for the significant losses of investors in ASF (Astarra Strategic Fund),’’ she said.
The tribunal’s decision was handed down on Friday, according to ASIC’s website which posted the news on Monday.
Mr Liu was removed from the financial services industry in March 2013 for his role in the collapse of AAM in December 2009. He was AAM’s chief investment strategist.
The AAT upheld ASIC’s decision following Mr Liu’s request for a review of his ban.
ASIC commissioner John Price said the decision ‘‘confirms our findings that Mr Liu, through his actions, has no right to deal with the public.
‘‘Australian investors should be confident and informed, and ASIC will act against those individuals who attempt to disrupt this in any way.’’
According to his Statement of Facts, Mr Richards admitted authorising fraudulent transactions and signing fake documents yet told investigators he was merely a foot soldier acting on orders from Hong Kong based mastermind Jack Flader.
The confession reveals Mr Richard gave details of how he divested $26.6 million from Australian super funds into Flader-controlled funds overseas.
Last year, ASIC abandoned an international investigation of Mr Flader, ending any possibility of charges being laid against him.
