The corporate regulator has used its enhanced banning powers to restrict the former head of a collapsed asset manager from financial services in any capacity.
Robert Marie, the ex-managing director and responsible manager of Theta Asset Management has received the ban. He has also been banned from controlling an entity that carries on a financial services business and from performing any function involved in the carrying on of a financial services business in any capacity.
Theta Asset Management, which is now in liquidation, is the responsible entity of the Sterling Income Trust (SIT). The registered managed investment scheme was placed into external administration in 2019.
Mr Marie has been banned due to contraventions of the Corporations Act stemming from Theta, involving five defective Product Disclosure Statements (PDSs) for the SIT. Around $16.7 million in total was raised from retail investors under the PDSs between 20 May 2016 and 1 May 2018.
The Federal Court has also previously found that Theta has failed to comply with the duties imposed on a responsible entity by issuing the defective PDSs
Mr Marie was found to have failed to comply with his duties as a managing director, by not ensuring Theta complied with the Corporations Act.
ASIC’s banning of Mr Marie was based on the conduct of concern. The regulator also applied its new broader banning powers, implemented by the Financial Sector Reform (Hayne Royal Commission Response – Stronger Regulators (2019 Measures)) Act 2020.
The amendments, which commenced on 18 February last year, have expanded the scope of banning orders to prohibit a person from performing any function involved in the carrying on of a financial services business in any capacity.
Mr Marie’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
ASIC has signalled that its investigation into the conduct of a number of entities and officers within the Sterling Group of companies continues.
Stimulate new ideas. Stimulate new thinking. Top up your CPD points and hear from industry experts with ifa’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD hours. Explore the Knowledge Centre now.
The acting AFA chief executive has come out swinging in the defence of financial advisers. ...
AFCA has confirmed it will not appeal the Supreme Court’s decision that it had acted against its obligations in January. ...
Financial advisers who engaged in mediation with AMP after being terminated by the wealth giant over the past two years have been left “dissatisfie...