Former Astarra director loses banning appeal

Former Astarra Asset Management Pty Ltd (AAM) director Eugene Liu will continue to be banned from providing financial services after the Administrative Appeals Tribunal (AAT) affirmed the original decision handed down by the Australian Securities and Investments Commission (ASIC).

Liu was a director and chief investment strategist of AAM from mid-2006 until it was placed into liquidation in late 2009 and was originally banned by ASIC in March 2013 for engaging in dishonest conduct and conduct that was misleading or likely to mislead.

AAM was appointed by Trio Capital Ltd as the investment manager of the assets of Astarra Strategic Fund (ASF) with the various entities caught up in the collapse of Trio in 2009.

The AAT handed down its decision last Friday with AAT senior member Jan Redfern stating "there is no evidence to suggest that Mr Liu has reformed or that he admits and is remorseful about his conduct. He takes no responsibility for the significant losses of investors in ASF".

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ASIC Commissioner John Price said the decision confirmed ASIC's findings that Liu "through his actions, has no right to deal with the public".

In October 2013 the AAT had dismissed an application by Liu for a review of ASIC's decision however it reversed this decision in December of that year with the matter heard in April of this year leading to the decision last week to uphold the ASIC banning.