ASIC has accepted an enforceable undertaking (EU) from Tony Maher, the former operator of the ARP Growth Fund (ARP).

The agreement permanently preventing Maher from working in the Australian financial services industry or managing a corporation.

Maher, who changed his name from Paul Gresham, entered into the undertaking after an ASIC investigation found that he engaged in misleading conduct.

The investigation found he failed to disclose conflicts of interest, resulting in him gaining financial benefits from various financial deals.

ARP was a managed investment scheme run by failed fund manager Trio Capital Limited (Trio).

Maher owned and controlled PST Management, the company that acted as the investment manager of ARP.

In this role he identified and recommended investments for ARP and its predecessor Professional Pensions Pooled Superannuation Trust (PPPST).

"Maher received undisclosed payments of more than $2 million arising from investments he recommended for ARP and PPPST," the corporate regulator said.

"In accepting these undisclosed payments Mr Maher created a conflict of interest for himself."

ASIC was also concerned he engaged in misleading and/or deceptive conduct when valuing ARP's largest investment.

In addition, Maher failed to undertake adequate due diligence in respect of some investments that he recommended for ARP/PPPST in circumstances where he knew that he had a conflict of interest, ASIC said.

"Investment managers who engage in misleading and deceptive conduct will not be tolerated," ASIC Chairman Greg Medcraft said.

Medcraft said Maher's exclusion from financial services and managing companies was the latest outcome from ASIC's investigation of the Trio collapse.

ASIC's investigation into the conduct of Maher is continuing.

On 19 March 2010, the Supreme Court of New South Wales ordered that ARP be wound up.

As at December 2009, ARP had net assets of approximately $58 million.

Investors in ARP included self managed superannuation funds, many of which had been clients of Maher for more than 20 years.

Trio collapsed in December 2009, after it was placed into administration by its directors.

The liquidator of Trio has been unable to recover the vast majority of the investments made by ARP.