Trio investment manager jailed
A former investment manager linked to failed superannuation fund Trio Capital was sentenced to 25 months jail on Friday for making money based on false and misleading statements.
Tony Maher, previously Paul Gresham, pleaded guilty to 20 offences in October last year to making misleading statements regarding the investment valuations made by the ARP Growth Fund (ARP) over two years.
Maher owned and controlled PST Management at the time, the company that was the investment manager of ARP.
His company received more than $500,000 in payments between 2007 and 2009.
Maher, 60, was charged with 20 offences.
He was sentenced to 25 months jail, and will serve 15 months before he is up for parole.
More than 11 people have either been jailed or banned from giving financial services since the Australian Securities and Investments Commission (ASIC) began investigating the collapse of Trio in October 2009.
Maher accepted an enforceable undertaking in February 2012, which banned him from ever working in the financial services industry again or managing a corporation.
Some advisers have agreed to stay away from the financial services industry for more than 50 years while two have faced lifetime bans.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
