In a decision handed down last week, the tribunal opted to dismiss an appeal by former Astarra Strategic Fund chief investment strategist and Astarra Asset Management director Eugene Liu of a permanent banning order issued by ASIC in March 2013.
"There is no evidence to suggest that Mr Liu has reformed or that he admits and is remorseful about his conduct," said the published decision by AAT senior member Jan Redfern. "He takes no responsibility for the significant losses of investors in ASF (Astarra Strategic Fund)".
An ASIC investigation previously found that Mr Liu engaged in dishonest conduct and conduct that was misleading or likely to mislead, as part of its scrutiny of the Trio Capital fraud and related entities.
"The AAT’s decision confirms our findings that Mr Liu, through his actions, has no right to deal with the public," said ASIC commissioner John Price.
"Australian investors should be confident and informed, and ASIC will act against those individuals who attempt to disrupt this in any way."
