Trio fall: five more banned
The superannuation watchdog has accepted five more enforceable undertakings from former directors of the collapsed super trustee Trio Capital.
The Australian Prudential Regulation Authority said on Thursday it had accepted enforceable undertakings from former Trio directors Cameron Anderson, Michael Anderson, Terrence Hallinan, Lorenzo Macolino and John Harte.
All five have been banned from working in the superannuation industry for a set number of years, the shortest being four years, and the longest 12 years.
Trio collapsed in 2009, affecting more than 6000 investors. A joint parliamentary inquiry said it was the "largest superannuation fraud in Australian history".
Trio had invested some assets of its funds into a managed investment scheme called Astarra Strategic Fund. Most of those assets were directed into Caribbean hedge funds. More than $176 million went missing when the fund collapsed.
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."