ASIC gives up chase on alleged Trio mastermind
The Australian Securities and Investments Commission (ASIC) has confirmed that it has virtually given up the chase for the alleged mastermind of the Trio/Astarra collapse, Asia-based US lawyer Jack Flader.
The regulator had signalled earlier that finding and prosecuting Flader was proving problematic, but this week used an analysis of its work around the Trio/Astarra collapse to confirm that it was "finalising its investigation" into Flader.
This is despite the regulator acknowledging that Flader was probably, as alleged, "the Trio Group's ultimate controller".
ASIC indicated as far back as early June, last year, that finding and prosecuting Flader was problematic.
It said that it, the Australian Federal Police and ASIC's overseas regulatory counterparts "had sought to obtain extra evidence to establish that Mr Flader breached Australian law".
"However, despite this work, there is insufficient evidence to prove Mr Flader breached Australian law," the ASIC update said. "In the circumstances, ASIC is now finalising its investigation into Mr Flader."
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