Former Trio-linked investment manager jailed

A FORMER investment manager with links to the failed firm Trio Capital (Trio), was sentenced on June 27 to 25 months jail for making false statements resulting in his business receiving more than $500,000 in payments.

Tony Maher, who changed his name from Paul Gresham, pleaded guilty in October 2013 to making the statements regarding the valuation of investments made by the ARP Growth Fund (ARP) over two years. 

At the time he owned and controlled PST Management Pty Ltd, the company that acted as the investment manager of ARP.

Mr Maher, 60, of Katoomba, was charged with 20 offences (refer to ASIC article: 13-293MR).
Appearing in the District Court of NSW, Mr Maher was sentenced to 25 months jail. He will serve 15 months before being eligible for parole.

ASIC Commissioner John Price said, “Mr Maher’s conduct fell below an acceptable standard. Gatekeepers, like directors, company officers, auditors, investment advisers and financial planners, who think they can flout the law, should think again.”

Since ASIC’s investigation started on October 2, 2009, more than 11 people have either been jailed, banned from providing financial services, disqualified from managing companies or have agreed to remove themselves from the financial services industry for a total of more than 50 years. Two agreed to lifetime bannings.

In February 2012, ASIC accepting an enforceable undertaking (EU) from Mr Maher, preventing him from ever again working in the Australian financial services industry or managing a corporation (refer:12-15MR).

Further enforcement outcomes include:

• Shawn Richard, former investment manager of the Astarra Strategic Fund (ASF), being sentenced to three years and nine months jail with a minimum of two years and six months (refer: 11-169MR)
• The permanent banning of Eugene Liu, ASF'’s chief investment strategist, from providing financial services (refer: 13-041MR). In April 2014, Mr Liu’s request for review of his permanent ban from providing financial services was heard. The decision has been reserved.
• Enforceable undertakings (EU) with five former Trio directors, where they agreed not to be involved in the financial services industry or manage a company for between two and 15 years. The former directors are: Natasha Beck, Keith Finkelde, David O’Bryen, David Andrews and Rex Phillpott (refer: 11-182MR and 11-133MR).
• An EU with planning firm Kilara Financial Solutions to address compliance issues (refer: 11-122MR).
• Suspending the licence of financial planners Seagrims, with this licence then being cancelled at the company’s request (refer: 11-134MR).
• Banning Seagrims directors Peter Seagrim and Anne-Marie Seagrim for three years, with the Administrative Appeals Tribunal subsequently cutting the ban to six months (refer: 11-134MR).
• An EU with former ASF auditor Timothy Frazer, providing he would not act as a registered company auditor for three years (refer: 12-22MR).

www.asic.gov.au

 

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POSTED JULY 2, 2014