Illawarra money went to North Shore
cheap Canada Goose canada goose outlet What OnThings to doFood and DrinkTheatre and ArtsFamily and KidsMusic and GigsTV GuideShawn Richard, one of only two people jailed over the country’s biggest superannuation fraud, devised a scheme whereby money was moved from Trio funds, canada goose outlet website legit mainly the Astarra Strategic Fund (ASF), buy canada goose uk to cover commitments of the ARP canada goose outlet online uk Growth Fund. cheap Canada Goose
canadian goose jacket Without these illegal canada goose kensington parka uk transfers, Richard’s fraudulent scheme would have been exposed much earlier as canada goose outlet las vegas the ARP Growth Fund could not have met its commitments. canadian goose jacket
ANZ bank statements for Astarra canada goose outlet boston Capital, the responsible entity for ARP Growth canada goose outlet official Fund, canada goose outlet online store confirm direct transfers canada goose discount uk from ASF bank accounts to the ARP Growth fund bank account.
The ARP Growth Fund had invested canada goose outlet niagara falls its funds in worthless assets that could not be cashed out, leaving it unable to https://www.canadagoosejacketsoutsale.com meet canada goose outlet toronto factory its monthly commitments to retirees, who were mostly based on Sydney’s North Shore.
uk canada goose Richard used money from ASF to buy the worthless assets from the ARP Growth Fund, allowing the ARP Growth Fund to honour canada goose uk site its pension payments. uk canada goose
The bank statements show that in September and October 2008, four transfers worth more than $1.2 million went from canada goose premium outlet ASF directly to the ARP Growth Fund.
canada goose uk shop Richard confessed to ASIC that a total of $4.43 million was sent directly from ASF to ARP Growth Fund between August 2008 and March 2009. canada goose uk shop
He had previously sent another $2.3 million from ASF to ARP Growth Fund by less direct means.
Canada Goose sale Richard also confessed to using $3.1 million in ASF funds to meet other commitments in Australia. Canada Goose sale
Canada Goose Outlet Where the money went: the ARP Growth fund bank statement, where ANZ is the custodian, confirms two transactions in September totalling $850,000 from ASF NAB directly to ARP ANZ. A further $300,000 was transferred in October. Nevertheless, the ARP account was overdrawn at the end of October. Both funds are managed by the same responsible entity. Canada Goose Outlet
uk canada goose outlet Nevertheless, the Australian Securities and Investments Commission (ASIC) told a federal Parliamentary Joint Committee (PJC) inquiry in 2011 that the canada goose outlet black friday sale Trio fraud was a ”transnational fraud committed offshore” and that advisers were to blame for recommending a ”high risk” investment. uk canada goose outlet
canada goose clearance Richard’s convictions were based on a 32 page Statement of Facts in which he and ASIC agreed on the details of his offences. canada goose clearance
canada goose coats on sale This Statement of Facts has only recently been made available under Freedom of Information laws. canada goose coats on sale
canada goose clearance sale In part, the statement describes how ASF money was invested overseas but then illegally returned to Australia to keep ARP Growth Fund liquid. However, ASIC also had this evidence of illegal transfers directly from ASF to ARP Growth Fund. canada goose clearance sale
cheap canada goose uk But these illegal, direct transactions occurred right here in Australia, right under ASIC’s nose and certainly within canada goose factory outlet its jurisdiction. cheap canada goose uk
Canada Goose Online Astarra is said to have used Deferred Purchase Agreements (DPA) to invest in hedge funds in canada goose outlet store near me locations such as the Caribbean and British Virgin Islands, although ASIC produced little evidence that the investments were actually made. Canada Goose Online
canada goose uk outlet According to ASIC, Richard used these canada goose outlet vancouver DPAs as a cover to transfer money from Australian investors canada goose outlet in chicago to Exploration Fund offshore, whose assets were worthless. canada goose uk outlet
Canada Goose online ASIC says the Exploration Fund was administered by a shady American called Jack Flader, who was then based in Hong Kong Canada Goose online.