Leaked documents create tension around Trio collapse
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Over 6,000 Australians lost $176-million in superannuation and investment funds when Trio Capital went into liquidation in 2010.
Victims of Financial Fraud (VOFF Illawarra ) have formed an incorporated action group to lobby regulatory authorities such as APRA and the federal police to pursue the case, which has since been shown to be a transnational crime, operated from the USA.
In his plea for a reduced sentence in the Trio case, Shawn Richard's defense team provided material on how the fraud was committed. These suppressed transcripts were subsequently leaked in 2012 to VOFF member Paul Matters, who then spoke at a public meeting February 2, 2013, stating the documents demonstrated how the fraud was carried out. This filmed public meeting was a central component in the ABC TV 7.30 current affairs package.
Hundreds of Illawarra investors in non-regulated funds are still seeking compensation through an act of grace claim. Financial Services Minister, Bill Shorten, is yet to formally respond to the 14 recommendations in the Parliamentary Joint Committee report on the Trio case or make comment on the act of grace claim.