Former Trio Capital chairman David Andrews has agreed with ASIC to not re-enter the financial services industry for nine years.
“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,” ASIC chairman Greg Medcraft said.
“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.”
Under the agreement, Andrews agreed not to act in any role within financial services for nine years with the exception of a small private company in which he is sole director.
He has also agreed not to act as a director of any corporation for nine years, Medcraft said.
Andrews was chairman of the Trio board from February 2007 until the firm’s liquidation last year.
