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ASIC, APRA act on Trio Capital directors
A former Trio Capital director has entered into enforceable undertakings with both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).
Natasha Beck was a non-executive director of Trio from June 2008 and was the licensed trustee of five registered superannuation entities, as well as the responsible entity of 24 managed investment schemes.
APRA has stated Beck acknowledged concerns that she failed to carry out her duties properly as director of a superannuation trustee, and will now be disqualified from acting in this capacity for four years.
However, Beck has sought to resolve APRA’s concerns at an early stage and has agreed to assist its investigation, which may result in a reduction of the ban to two years.
Beck’s enforceable undertaking with ASIC also states that she will not work in any role within the financial services industry for two years.
The former chief executive of Trio Capital, Rex Phillpott has also entered into an enforceable undertaking with ASIC to not act in any role within the financial services industry for 15 years.
As well as being chief executive, Phillpott also acted as director and secretary of Trio from October 2005, and was a member of the risk and compliance committee.
The current enforceable undertakings follow the guilty plea of former Astarra Strategic Fund director and investment manager Shawn Richard. Richard is currently on bail awaiting sentence.
The Astarra fund wound up in April 2010, under a NSW Supreme Court order. Since this time this liquidator of Trio has been unable to recover the vast majority of the investments made by the fund.
AUTHOR
Angela Welsh
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