In a decision handed down on 20 December and publicised by ASIC today, the AAT found that the banning order issued by ASIC was appropriate as there were “numerous breaches of financial services law” in play.
Mr Tarrant was the sole director of Tarrants Financial Consultants in Wollongong, a firm that invested more than $23 million of client money in the Astarra Strategic Fund promoted by Trio Capital and Shawn Richard.
“The seriousness of Mr Tarrant’s behaviour – which was highlighted by the AAT as being incompetent and negligent – meant that ASIC took all the necessary steps to ensure he was removed from the industry for a substantial period of time,” said ASIC’s Peter Kell.
However, a number of Trio victims and former clients of Mr Tarrant have defended his role in the matter, describing the former adviser as a scapegoat.
Labor MP for Throsby Stephen Jones recently waded into the debate, singling out Mr Tarrant by name in a submission to the Senate inquiry into ASIC.
