ASIC bans operator of Trio Capital MIS
The former operator of the ARP Growth Fund, a managed investment scheme (MIS) run by Trio Capital , has been permanently banned from participating in financial services and managing companies.
The Australian Securities and Investments Commission (ASIC) found Tony Maher (formerly Paul Gresham) had engaged in misleading conduct and failed to disclose conflicts of interest, resulting in him gaining financial benefits from various financial deals.
Maher owned and controlled PST Management, which acted as the investment manager of ARP. He identified and recommended investments for ARP and its predecessor Professional Pensions Pooled Superannuation Trust (PPPST), resulting in him receiving undisclosed payments of more than $2 million and creating a conflict of interest, ASIC stated.
ASIC said it was also concerned Maher had engaged in misleading and/or deceptive conduct when valuing ARP's largest investment, and that he had failed to undertake adequate due diligence in respect of some investments he recommended.
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