Astarra Asset Management’s (AAM) former director Shawn Richard has been sentenced to 2 years and six months behind bars and an additional 15 month good behaviour bond.
He will be serving his jail time in protected custody.
New South Wales Supreme Court judge Peter Garling handed down the sentence this morning, after convicting Richard of two counts of dishonest conduct while running AAM.
Richard had also admitted to a third charge of making false statements in relation to financial products following an ASIC investigation.
The charges each carried a maximum penalty of five years’ imprisonment or a $220,000 fine, or both.
Richard is one of the key figures behind the Trio Capital fraud, which was the trustee and responsible entity for 25 managed investment schemes including the Astarra Strategic Fund (ASF).
