Former Trio director David Millhouse has issued a statement on his enforceable undertaking with the Australian Prudential Regulation Authority (APRA), denying any complicity in the fund manager’s collapse.
APRA accepted an EU from Mr Millhouse last Thursday in which he “expressed regret at the consequence of the matters that are the subject of APRA’s concerns”, according to a statement.
However, Mr Millhouse has since spoken out against the investigation, saying he was not associated with the fraud that caused Trio to collapse in 2009.
“I was not a director of Trio when it collapsed in 2009 and I completely reject any notion that I was in any way responsible for what occurred then or had contravened any law during my time as director,” Mr Millhouse said in a statement.
“I have since had to deal with the consequences of a company that defrauded its investors long after I departed both as an investor and a non-executive director.”
As part of his EU, Mr Millhouse has agreed not to act as a trustee or as a responsible officer of a body corporate that is a trustee, investment manager or custodian of an APRA-regulated superannuation entity for a period of 10 years.
APRA accepted the EU in lieu of pursing Federal Court proceedings, which they began in August of this year.
In addition, Mr Millhouse has launched a countersuit against APRA for financial losses of $10 million and the effect on his reputation.
He said he welcomed the dismissal of proceedings as the start of restoring his reputation and has said he was keen to assist APRA in bolstering Australia’s financial corporate governance.
“I believe my experience can bring key insights into how we can make sure incidents like Trio Capital can’t happen again,” Mr Millhouse said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all