The Administrative Appeals Tribunal has backed ASIC’s decision to ban a former fund manager implicated in the collapse of Trio Capital and Astarra.
The AAT has upheld ASIC’s banning order, which saw former Astarra Asset Management director Eugene Liu permanently removed from the financial services industry.
In a decision handed down on Friday and made public today, the tribunal rejected Mr Liu’s appeal, arguing that “there is no evidence to suggest that Mr Liu has reformed or that he admits and is remorseful about his conduct”.
Mr Liu is a former chief investment strategist of the Astarra Strategic Fund.
"The AAT’s decision confirms our findings that Mr Liu, through his actions, has no right to deal with the public," said ASIC commissioner John Price.
"Australian investors should be confident and informed, and ASIC will act against those individuals who attempt to disrupt this in any way."
SUBSCRIBE TO THE IFA DAILY BULLETIN
09:41Spring Financial makes Perth-based acquisitionBy Staff Reporter
09:21Mercer releases superannuation chat botBy Staff Reporter
15 Dec 2017AIW Dealer Services enters EUBy Staff Reporter
15 Dec 2017New CEO appointed at Centrepoint AllianceBy Staff Reporter
15 Dec 2017FASEA education pathways provide certainty: O’DwyerBy Killian Plastow
14 Dec 2017AUSTRAC adds to list of CBA allegationsBy Killian Plastow
- view all