Mr Andrews was a non executive director between November 2005 and January 2006 and then again from July 2006. He was Chairman of the board of Trio from February 2007. He was also chairman of the Investment Committee of Trio and a member of the Risk and Compliance Committee of Trio. Mr Andrews has agreed not to act in any role within the financial services industry for nine years. With the exception of a small private company in which Mr Andrews is sole director, he has also agreed not to act as a director of any corporation for nine years.

ASIC Chairman, Greg Medcraft, said: ‘We believe Mr Andrews failed in his duties as officer of the responsible entity of the Astarra Strategic Fund and therefore it’s inappropriate for him to be involved in the financial services industry or act as director. This is the fifth outcome arising from ASIC’s investigation of Trio Capital and its related entities as we continue to hold gatekeepers in the financial services industry to account. Also, it comes on the eve of the sentencing of Shawn Richard, investment manager of the related Astarra Strategic Fund.’

Today’s announcement follows the EUs entered into with former Trio directors Rex Phillpott and Natasha Beck last month, the EU from Kilara Financial Solutions Pty Ltd, the Australian financial services licence suspension of Seagrims Pty Ltd and the financial services banning of the directors of Seagrims.

Mr Shawn Richard has pleaded guilty to two charges of dishonest conduct in relation to his role as a director of the investment manager of the Astarra Strategic Fund. Mr Richard is currently in custody and due to be sentenced on Friday 12 August 2011.

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