ASIC bans operator of Trio Capital MIS
The former operator of the ARP Growth Fund, a managed investment scheme (MIS) run by Trio Capital , has been permanently banned from participating in financial services and managing companies.
The Australian Securities and Investments Commission (ASIC) found Tony Maher (formerly Paul Gresham) had engaged in misleading conduct and failed to disclose conflicts of interest, resulting in him gaining financial benefits from various financial deals.
Maher owned and controlled PST Management, which acted as the investment manager of ARP. He identified and recommended investments for ARP and its predecessor Professional Pensions Pooled Superannuation Trust (PPPST), resulting in him receiving undisclosed payments of more than $2 million and creating a conflict of interest, ASIC stated.
ASIC said it was also concerned Maher had engaged in misleading and/or deceptive conduct when valuing ARP's largest investment, and that he had failed to undertake adequate due diligence in respect of some investments he recommended.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
