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ASIC bans former director of Theta Asset Management for four years



The Australian Securities and Investments Commission has banned Robert Patrick Marie from providing any financial services for four years. The regulator also banned Marie from controlling financial services entities or being involved in any financial service business.

Marie previously served as managing director of Theta Asset Management Ltd (currently in liquidation), responsible for the Sterling Income Trust (SIT). The SIT was placed into external administration in 2019.

ASIC

Marie’s ban is connected to five defective Product Disclosure Statements (PDSs) for the SIT, under which a total of $16,710,669 was raised from retail investors from 20 May 2016 to 1 May 2018. ASIC had previously commenced civil penalty proceedings against Theta issuing the defective PDSs.

ASIC found that Marie failed to comply with his duties as a managing director and failed to ensure Theta abided by the rules.


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ASIC bans former director of Theta Asset Management for four years

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