Former Astarra Asset Management investment manager Shawn Richard has today been jailed for two and a half years in the New South Wales Supreme Court.
Richard was facing a sentence of up to 10 years for his part in the largest theft of superannuation funds in Australian history, which saw Australian investors initially stripped of more than $100 million, with eventual total losses of $26.6 million.
Richard has previously pleaded guilty to dishonestly taking more than $6.4 million in undisclosed payments, and he personally received around $1.3 million in secret payments. Last year Richard entered into an enforceable undertaking with the Australian Securities and Investments Commission, which saw him banned for life from the Australian financial services industry.
Richard today pleaded guilty to two counts of dishonest conduct for his part in the Astarra/Trio Capital fraud.
The jail term is to be followed by a 15-month good behaviour bond.
