Theta AM ex-MD banned by ASIC

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

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago