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."
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