Former Trio Capital director David Andrews has agreed to a nine year exclusion from the financial services industry, as part of an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC).
Andrews was heavily involved with Trio, serving as a non-executive director and later, chairman.
He was also chairman of Trio’s investment committee, and had served as a member of the company’s risk compliance committee.
As part of the EU, Andrews had also agreed not to act as a director of any corporation for nine years, with the exception of a small private company in which he is sole director.
ASIC chairman Greg Medcraft said the regulator believed Andrews failed in his duties as officer of the responsible entity of the failed Astarra Strategic Fund, and therefore it would be "inappropriate for him to be involved in the financial services industry or act as director."
"This is the fifth outcome arising from ASIC’s investigation of Trio Capital and its related entities, as we continue to hold gatekeepers in the financial services industry to account," Medcraft said.
The announcement followed EUs with former Trio directors Rex Phillpott and Natasha Beck last month, the EU from Kilara Financial Solutions, the Suspension of Seagrims’ financial services licence, as well as the banning of its directors from the industry.
Former director of the Astarra Strategic Fund, Shawn Richard – who recently pleaded guilty to dishonest conduct in relation to his role in Astarra – is due to be sentenced today.
ASIC had also confirmed that investigations into Trio Capital are continuing with both ASIC and the Australian Prudential Regulation Authority.
