Trio investment manager jailed
A former investment manager linked to failed superannuation fund Trio Capital was sentenced to 25 months jail on Friday for making money based on false and misleading statements.
Tony Maher, previously Paul Gresham, pleaded guilty to 20 offences in October last year to making misleading statements regarding the investment valuations made by the ARP Growth Fund (ARP) over two years.
Maher owned and controlled PST Management at the time, the company that was the investment manager of ARP.
His company received more than $500,000 in payments between 2007 and 2009.
Maher, 60, was charged with 20 offences.
He was sentenced to 25 months jail, and will serve 15 months before he is up for parole.
More than 11 people have either been jailed or banned from giving financial services since the Australian Securities and Investments Commission (ASIC) began investigating the collapse of Trio in October 2009.
Maher accepted an enforceable undertaking in February 2012, which banned him from ever working in the financial services industry again or managing a corporation.
Some advisers have agreed to stay away from the financial services industry for more than 50 years while two have faced lifetime bans.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
