Theta AM ex-MD banned by ASIC

Theta Asset Management ASIC ban

14 May 2021
| By Jassmyn |
image
image
expand image

Theta Asset Management’s former managing director, Robert Patrick Marie, has been banned by the corporate regulator from providing any financial services for four years.

The Australian Securities and Investments Commission (ASIC) said Marie had also been banned from controlling an entity that carried on a financial services business and from performing any function involved in the carrying on of a financial services business in any capacity.

Theta was the responsibly entity of the Sterling Income Trust which was a registered managed investment scheme placed into external administration in 2019.

ASIC said Marie had been banned due to Corporations Act contraventions stemming from five defective product disclosure statements (PDSs) for the trust under which $16,710,669 had been raised from retail investors between 20 May, 2016, and 1 May, 2018.

“Theta had previously been held by the Federal Court, in civil penalty proceedings commenced by ASIC, to have failed to comply with the duties imposed on a responsible entity by issuing the defective PDSs,” ASIC said.

“Mr Marie was found to have failed to comply with his duties as a managing director, by failing to ensure Theta complied with the Corporations Act. ASIC’s banning of Mr Marie was based on the conduct of concern to the Federal Court.”

In November 2020, Theta was ordered by the Federal Court in Western Australia to pay a penalty of $2 million and Marie to pay a penalty of $100,000 for contravening the Corporations Act.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

5 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 10 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 8 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 11 hours ago