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Grant of financial assistance - Trio and Astarra investors




Background
What action has ASIC taken against those involved?
Lost funds – Liquidator’s reports
Communications with investors


Background


Trio was the trustee of four superannuation funds (the Astarra Superannuation Plan, the Astarra Personal Pension Plan, the My Retirement Plan and the Employers Federation of NSW Superannuation Plan (collectively referred to as the Funds) and one pooled superannuation trust.

Trio invested some assets of the funds into a managed investment scheme, Astarra Strategic Fund. Most of its assets were directed into what were called hedge funds, located in the Caribbean. There is little, if any, credible evidence that the purported investments were actually made, or if they were, that they have any realisable value. Most of the assets invested were subsequently lost. Other funds were invested in the ARP Growth Fund.

As a result, in December 2009 APRA appointed an acting trustee and ASIC suspended Trio’s licence as a fund manager.


What action has ASIC taken against those involved?


Since ASIC’s investigation started on 2 October 2009, more than 11 people have either been jailed, banned from providing financial services, disqualified from managing companies or have agreed to remove themselves from the financial services industry for a total of more than 50 years.

ASIC’s enforcement outcomes include:

See also 13-294MR Update on Trio investigation


Lost funds – liquidator’s reports


As part of finalising the Trio liquidation, liquidators from PPB Advisory intend to release reports for ASF and ARP, and other Trio investments. These reports will provide further information about what happened to investors’ funds.


Communications with investors


ASIC will continue to keep investors informed and post announcements on its dedicated Trio and Astarra website.

Further information will be posted on the liquidator’s website:
PPB Advisory: www.ppbadvisory.com








































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