A former investment manager with links to Trio Capital has pleaded guilty to 20 criminal charges, facing a maximum penalty of five years in jail for each offence.
Tony Maher, formerly Paul Gresham, admitted to making false and misleading statements about ARP investments, in order to gain financial advantage for his company. He faces a maximum penalty of five years in jail and/or a fine of $110,000 for each offence.
At the time Maher owned and controlled PST Management, which acted as the investment manager of ARP. In his role, Maher identified and recommended investments for ARP and its predecessor Professional Pensions Pooled Superannuation Trust (PPPST).
PST received around $580,000 as a result of the statements.
In February, ASIC accepted an enforceable undertaking (EU) from Maher, permanently preventing him from working in the Australian financial services industry or managing a corporation.
ASIC said that Maher received undisclosed payments of more than $2 million arising from investments he recommended for ARP and PPPST. In accepting these undisclosed payments, Maher created a conflict of interest for himself.
As part of finalising the Trio liquidation, liquidators from PPB Advisory intend to release reports for ASF and ARP, and other Trio investments. These reports will provide further information about what happened to investors’ funds.
Since ASIC’s investigation into the collapse of Trio started on 2 October 2009, more than 11 people have either been jailed, banned from providing financial services, disqualified from managing companies or have agreed to remove themselves from the financial services industry for a total of more than 50 years.
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