A fitting courtroom for a fitting crime. The Commonwealth Director of Public Prosecutions (CDPP) applied to have Shawn Richard sentenced in the Supreme Court rather than the local court "given the serious nature of the alleged offending".
Shawn Richard appeared in the Supreme Court last Friday, to plead guilty to 2 charges of dishonest conduct. He also pleaded guilty to the charge of providing false statements in relation to financial products.
As previously blogged, Richard was involved in a scheme that saw more than $120 million of Australian Mum & Dad investors money disappear off shore, some of which ($6.4million) found its way back into Richard's pockets.
Richard had no qualifications or experience yet was in charge of the Hedge Fund Astarra Strategic Fund and the front man for Astarra Funds Management (later named Trio Capital). He was also involved in entering into a series of undisclosed payments to Dealer Groups such as Tarrants and Seagrims who were responsible for recommending the products to investors.
He will reappear in the Supreme Court on 13 May for sentencing.
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