The Administrative Appeals Tribunal (AAT) has affirmed ASIC’s decision to permanently ban former Astarra Asset Management (AAM) director Eugene Liu from providing financial services.
In affirming ASIC’s decision, AAT Senior Member Ms Redfern said, ‘There is no evidence to suggest that Mr Liu has reformed or that he admits and is remorseful about his conduct. He takes no responsibility for the significant losses of investors in ASF (Astarra Strategic Fund)’.
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The AAT’s decision was handed down on Friday, 31 October 2014.
The AAT upheld ASIC’s decision following Mr Liu’s request for a review of his ban. This was heard in April 2014.
ASIC removed Mr Liu from the financial services industry in March 2013 for his role in the collapse of AAM in December 2009. Mr Liu was AAM’s chief investment strategist.
ASIC’s investigation found Mr Liu engaged in dishonest conduct and conduct that was misleading or likely to mislead (refer: 13-041MR)
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By GlobalDataASIC Commissioner John Price said, ‘The AAT’s decision confirms our findings that Mr Liu, through his actions, has no right to deal with the public.
‘Australian investors should be confident and informed, and ASIC will act against those individuals who attempt to disrupt this in any way.’
