Trio fall: five more banned

Trio Capital collapsed in 2009, a failure that affected more than 6,000 investors and was described by a joint parliamentary inquiry as the "largest superannuation fraud in Australian history."

The Australian Prudential Regulation Authority (APRA) accepted enforceable undertakings from former Trio directors Cameron Anderson, Michael Anderson, Terrence Hallinan, Lorenzo Macolino and John Harte, banning them from working in the superannuation industry for set periods.

APRA accepted enforceable undertakings that result in industry bans for the five former directors — the bans range in length, with the shortest being four years and the longest 12 years.

Trio invested some assets of its funds into the managed investment scheme called the Astarra Strategic Fund, and most of those assets were directed into Caribbean hedge funds associated with Astarra.

More than $176 million went missing when the Astarra-related fund collapsed, with most of the assets invested subsequently lost.

According to the ASIC website, "There is little, if any, credible evidence that the purported investments were actually made ... Most of the assets invested were subsequently lost."

The collapse affected more than 6,000 investors whose superannuation savings were invested with Trio Capital and its related schemes.

The Trio/Astarra case — labelled a major superannuation fraud and resulting in regulator action and multi‑year bans for directors — highlights the risks associated with complex or offshore investment arrangements and the importance of regulator oversight when assessing fund safety.