Theta AM ex-MD banned by ASIC
Theta Asset Management’s former managing director, Robert Patrick Marie, has been banned by the corporate regulator from providing any financial services for four years.
The Australian Securities and Investments Commission (ASIC) said Marie had also been banned from controlling an entity that carried on a financial services business and from performing any function involved in the carrying on of a financial services business in any capacity.
Theta was the responsibly entity of the Sterling Income Trust which was a registered managed investment scheme placed into external administration in 2019.
ASIC said Marie had been banned due to Corporations Act contraventions stemming from five defective product disclosure statements (PDSs) for the trust under which $16,710,669 had been raised from retail investors between 20 May, 2016, and 1 May, 2018.
“Theta had previously been held by the Federal Court, in civil penalty proceedings commenced by ASIC, to have failed to comply with the duties imposed on a responsible entity by issuing the defective PDSs,” ASIC said.
“Mr Marie was found to have failed to comply with his duties as a managing director, by failing to ensure Theta complied with the Corporations Act. ASIC’s banning of Mr Marie was based on the conduct of concern to the Federal Court.”
In November 2020, Theta was ordered by the Federal Court in Western Australia to pay a penalty of $2 million and Marie to pay a penalty of $100,000 for contravening the Corporations Act.
Recommended for you
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
Financial services software firm Iress has unveiled a new business efficiency program with the aim of permanently lifting its profit margin as the business enters a leaner, growth-focused phase.
AUSIEX has revealed the top traded stocks for October, noting significant jumps in advised investor trading, while ETFs also reported higher activity.
The Financial Advice Association Australia has implored advisers to reevaluate their exposure to AML/CTF obligations ahead of new reforms that will expand their compliance requirements significantly.
