Trio-linked adviser pleads guilty
A former investment manager tied to embroiled superannuation fund Trio Capital is facing jail after admitting to making false or misleading claims for financial gain.
Tony Maher, formerly known as Paul Gresham, pleaded guilty to 20 criminal offences and faces up to five years in jail and/or a fine of $110,000 for each one.
Appearing at Sydney's Downing Centre Local Court, the 60-year-old admitted to recommending investments for the Trio-run ARP Growth Fund which would financially advantage his own company, PST Management.
His recommendations led to PST receiving more than $500,000 under false and misleading advice between 2007 and 2009.
Maher was released on conditional bail, to be sentenced on 8 November 2013.
Superannuation fund Trio collapsed in 2009, leaving 6000 investors without their funds.
Since the Australian Securities and Investments Commission's investigation into the company began in 2009, more than 11 people involved have been either jailed, banned from providing financial services or removed from the industry.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
