Inside the Offshore Fraud: The Villains and Victims of Australia’s Biggest Pension
Scam By Bernard Lagan January 17, 2014
The only person jailed for Australia’s largest pension fraud, Shawn Richard, is expected to walk out of Cooma jail on January 21. Here – from previously unreported evidence, obtained by The Global Mail – Richard describes Jack Flader, the mysterious mastermind of the audacious scheme that siphoned millions from Australian investors.
On a chilly early December Sunday in 2013, John Telford eased his twisted frame into his aged Holden Barina and drove six hours to Cooma, on the edge of Australia’s Snowy Mountains. He stopped outside the high granite walls of the town’s 140-year-old jail. He wanted to see the man who had stolen his future.
Telford, 65, has the easy face of the curious wanderer he once was. It’s his body that’s the problem. At the age of 37, he was cycling to a lecture at Wollongong University when a car door flew open just ahead of him. It smashed into his hand, throwing him off balance. In the blazing milliseconds that followed, Telford, then a strongly built swimmer and bushwalker, calculated that he could roll over the top of his handlebars, hit the road and walk away.
He would never walk properly again. A following car ploughed into his back as he hit the bitumen. Telford had to be scraped off the road. His back was shattered, his tail bone poked through his groin, another twisted bone jutted through the skin on his leg, he was partially paralysed and bleeding all over his body. He would spend the next eight months in a hospital bed and endure 23 operations over the coming decade. The woman who hit him was too distraught to leave her car. Telford has never heard from her.
It took Telford 13 years to win a compensation payout for his injuries. In 1998 a court awarded him just over a million dollars – on condition that it be invested to provide for his future. John Telford had been an adventurer, an artist, a reader. He was no investor; for him, the decisions on what to do with his money would be in the hands of whatever financial advisor had a convenient parking spot for a cripple’s car.
Mike Bowers/The Global Mail
Wollongong financial advisor Ross Tarrant poured $25 million into Trio Capital, on behalf of 220 clients.
That was how Telford found his financial advisor, Ross Tarrant, then well-regarded and owner of of Wollongong’s biggest financial advisory firm. What Telford could not foresee was that Ross Tarrant would make the biggest mistake of his own life in entrusting his clients’ funds to a young, smooth-talking Canadian, Shawn Richard. It comforted Tarrant that Shawn Richard had been licensed by Australian financial-regulation authorities, and that his funds were overseen by blue-chip independent auditors.
In 2008 and 2009, Tarrant, who had 220 clients including Telford, poured about $25 million into a seemingly lucrative hedge fund – the Astarra Strategic Fund. Managed by Trio Capital, which was run by Shawn Richard, Astarra was shown to be pumping out robust returns to investors, even during the global financial crisis. But the money invested by Ross Tarrant’s clients – along with tens of millions more from other investors – would disappear. None of that money would ever be found.
Tarrant, too, would be ruined. He lost half-a-million of his own money; his business, that once employed 70, shrank to 15; and he was banned from acting as a financial advisor – in part because he had also accepted, without disclosing them, more than $1 million in ‘marketing assistance’ payments from Trio Capital, manager of the Astarra Strategic Fund.
Shawn Richard was jailed for two-and-a-half years for his part in the losses. He is likely to be freed on Tuesday, January 21. Many expect him to flee Australia upon his release, but Telford had come to Cooma hoping to talk to Richard, in a final attempt to learn what had happened to his money. He didn’t succeed. A smirking prison guard informed Telford that despite his careful arrangements with prison authorities to visit Telford that Sunday morning, Richard had been let out to spend the day at a beach house with a friend, and there would be no meeting.
Telford, who’d driven through the night to get to the jail early – banging up his car when he hit a kangaroo on the dark road – turned around and headed home, to the house filled with his own paintings and the walls of books that sustain him. Although he has completed a Master’s degree in fine arts, Telford can’t work because of his injuries. And he is ineligible for welfare assistance because of the terms of his compensation payout. Telford lives simply, tries to forgive, and clings to the hope that he will be compensated by the federal government – as many of the other victims of the Astarra swindle have been – for the money he lost.
Ross Tarrant still goes each day to his third-floor office in a purple tower on Wollongong’s Market Street. There, he’s surrounded by deserted offices and empty desks. A proud man, and a formally qualified accountant, Tarrant says he feels desperately for the hundreds of his clients – many of them Wollongong miners and steelworkers – who lost their savings because of his advice. In a large room adjoining his office, he keeps their bound files in neat rows – hopeful that one day he will be able to assist them to seek compensation from the federal government. But Tarrant can’t help them until he wins back his financial advisor’s licence, and in December 2013, he lost an appeal against his seven-year ban. His suspension stands, and inside he seethes over what happened to the victims, to his business and to his reputation.
The 2012 parliamentary inquiry into the Trio collapse concluded that the overseas fraudsters had set out to take advantage of the vulnerabilities they’d discovered in Australia’s superannuation funds.
Tarrant told a 2012 parliamentary inquiry into the Trio collapse: “The hardship, frustration, despair and heartache endured by these people is not able to be captured on pieces of paper or understood by those unaffected. The sleepless nights, worry, nervousness, disbelief and anger are the side effects to the reality that financial security has been lost, assets sold and replaced with uncertainty and angst … all have had their mental or physical health affected with at least one suffering a heart attack. Most have had marital problems with at least one couple divorcing.”
John Telford and Ross Tarrant both suffered, on either side of the largest pension-fund fraud in Australian history. At least $176 million of the superannuation savings of more than 6,000 Australians disappeared into an array of murky funds and companies, in jurisdictions ranging from the Cayman Islands to New York.
In hindsight, perhaps it is not so surprising that clever and enterprising international conmen would have turned their gaze to Australia’s superannuation funds pool. It now forms the world’s fourth-largest nest egg, making up close to half of the $1.3 trillion in the hands of Australian investment managers.
But what remains astounding is that the fraud’s perpetrators were able to easily obtain industry-sanctioned banking licences to operate in Australia, quickly gain control of a large superannuation fund, win the trust of investors and financial advisors, attract investment of tens of millions of dollars every month – and disappear. Along with the money. A complex feat, accomplished in a six-year period that began in 2003.
Also improbable is that, in Sydney, the front man for the operation was a high-school dropout from a remote and empty corner of Canada’s north-east coast, who didn’t even have a business degree, as he had claimed.
Boiler room to big time
When Shawn Richard was 23, he’d found himself in Taiwan, cold calling companies that were trying to sell obscure financial products of which he had little understanding. His boss was a hard-charging, risk-taking young Vietnamese American – Matthew Littauer – who sailed on the fringes of the law and would, in 2004, be knifed to death in a Tokyo red-light district. (Littauer’s murder has never been solved.)
Jim Rice/Fairfax Syndication
Shawn Richard in 2010
In mid-2010, after Richard’s high-flying life had collapsed in Sydney, he recounted the exploits of those early years to inquisitors from the Australian corporate regulator, the Australian Securities and Investment Commission (ASIC). They had used the commission’s wide powers to haul Richard up to the fifth floor of ASIC’s Sydney headquarters in Market Street and demand answers. Trio Capital’s collapse had stunned the Australian corporate world, thousands of investors had lost their money and ASIC was trying to fathom how it had happened. By now Richard was ready to co-operate with his questioners, in the hope of earning a reduced sentence for the crimes with which he was to be charged.
What emerged was a picture of an eager, naïve young Canadian, who in his Taiwan years had been looking for a rapid rise to wealth and power as he took orders from Littauer and tried to flog investments by phone to Asian investors.
Richard, according to previously unpublished transcripts of the three days during which he was grilled by ASIC’s investigators, said: “I was basically reading off a script. And I know it sounds a bit like a boiler room, but, again, I am [was] 23 years old. I am thinking, ‘I am doing, you know, I’m doing something fantastic here, I’m going to be stockbroker one day and, you know, isn’t this cool?”
Boiler room is a term used to describe unlicensed broking firms that move from country to country, often adopting fresh identities in each new territory and cold calling potential investors to sell them almost worthless penny stocks.
In late 2003, Richard and his associates turned their eyes to Australia’s snowballing superannuation mountain. They bought a reputable, mid-sized Albury-based Australian funds-management business, Tolhurst Funds Management, for $2 million. Tolhurst’s new owner was a company called Wright Global Asset Management and its directors included Shawn Richard – he later adopted the Facebook name, Shawny Cash – and his then boss Matthew Littauer, who was in Taiwan. A flurry of name changing followed – Tolhurst Funds Management became Astarra Funds Management.
Astoundingly, the purchase transferred to Shawn Richard an Australian financial services licence, which gave him the authority to deal in sophisticated financial transactions – granted without ASIC examining his past, or his fitness to hold such a licence.
Tolhurst Capital Limited was eventually renamed Trio Capital. Hardly anybody – save for Shawn Richard and Matthew Littauer – knew at that stage that a large chunk of the money needed to acquire this foothold in Australia had been put up in the names of close associates of a reclusive, secretive American who had lived for decades in Hong Kong.
Jack Flader, Boston-born and New Jersey-raised, claims to be a lawyer. He has been identified by the 2012 Australian parliamentary inquiry into the Trio fraud as its mastermind. He is also the most likely beneficiary of the missing millions, but he has outfoxed the Australian corporate regulator and the Australian Federal Police, which have never been able to amass the evidence to charge him.
Mike Bowers/The Global Mail
A painting of Jack Flader by John Telford.
Flader likes to wear his grey hair at shoulder length, has a taste for expensive wines, exotic holidays and first-class air travel, and has become the poster boy – in Australia at least – for pan-continental offshore money shuffling at a level of sophistication that has flummoxed international investigators.
Trio Capital, the creation of Flader and his associates, was what is known under Australian law as the Responsible Entity for an array of managed investment funds. Among the largest funds that Trio took control of was the Astarra Strategic Fund – itself an investor in hedge funds. And Astarra was to become a star performer for Australian investors who were then reeling from the global financial crisis of 2008-2009, when the US housing market melted down, enormous financial institutions such as Lehman Brothers and Bear Stearns went under, and the threat of total collapse loomed over other large financial institutions.
Shawn Richard was the Astarra fund’s gun investment manager and he was also running Trio Capital out of a plush suite of offices that Trio had leased in Sydney’s MLC Centre, on Martin Place. At his height, Richard had more than a $1 billion in funds under management. He moved into a harbourside home in Sydney’s Cremorne Point.
Trio’s Astarra fund was showing an annual return to investors of greater than 8 per cent – the envy of its many competitors. Mum-and-dad investors were pouring upwards of $15 million a week into investment funds controlled by Richard. As Ross Tarrant told the parliamentary inquiry into the Trio collapse, it was incredible that Shawn Richard could go from being a 27-year-old Canadian tourist in Australia to being provided with one of the most sophisticated financial-services licences available in Australia. Through the purchase of the little-known, Albury-based Tolhurst fund, Shawn Richard had acquired a licence that gave him as much scope, according to Ross Tarrant, as that enjoyed by Australia’s four largest banks.
Amid the cricket posters and photographs in the reception area of Ross Tarrant’s office is a framed saying: “Risk isn’t always where you expect to find it.” It is reflective of the hard-edged caution that Tarrant counts as part of his character. One of the few financial advisors in Wollongong who is also a chartered accountant, Tarrant, now in his 50s, retains his sportsman’s build, and his empathy for his former clients, the Illawarra’s steelworkers, miners, police officers and teachers.
The façade of returns to investors was maintained because Flader’s companies secretly provided loans back to Trio when it needed to meet demands for funds.
Tarrant watched the Australian share market head for free-fall as Christmas came in 2007 and then as 2008 began – a decline induced by the global financial crisis that would soon stricken Wall Street. Worst hit were Australia’s large, non-bank finance and investment companies, such as Centro Property, Allco Finance Group and City Pacific, which suffered catastrophic share-price crashes of between 50 and 90 per cent. Tarrant wanted a flight to safety for his hundreds of clients – and he thought he saw it in Trio’s Astarra Strategic Fund.
Astarra was set up, ostensibly, to invest in international hedge funds. Astarra’s investment manager was Astarra Asset Management, which had Shawn Richard as one of its two directors. According to Astarra’s promotional material, the fund was showing a long-term 14 per cent return to investors, and apparently independent financial research houses ranked its risk factors as being as low as government bonds. And, as Tarrant would later tell parliament’s inquiry into the Trio collapse, oversight of Astarra’s dealings was being conducted by some of the most trusted names in corporate Australia; WHK, Australia’s fifth-largest firm of auditors, was the fund’s external auditor. KPMG, one of the world’s largest audit firms, was the fund’s internal compliance auditor.
Seeking diversification to protect his clients from the meltdown all around him, Tarrant advised hundreds of his clients to put money into the Astarra fund.
Jenny Butler who owned a newsagency in Wollongong was one of those who acted on Tarrant’s advice to get into Astarra. She says: “It was middle of the road, it was not crazy or high returns. It was safe. It wasn’t as if you were earning 15 or 16 per cent a year and it was high risk; it was between 8 and 10 per cent and we thought it a safe option. We had quite a few good years. But then the wheels fell off.”
Some 220 of Tarrant’s clients put their money into Astarra. Collectively, they would lose $25 million.
While Ross Tarrant and his immediate family lost some $500,000, others close to him also faced ruin because they had taken his advice. They included the widow of his close friend, who lost $500,000; his former teacher, who lost $235,000; his former cricket captain, who lost $260,000; the nurse who cares for his dying mother-in-law, who lost $157,000; and his neighbour, who lost $268,000. Anyone who meets Ross Tarrant these days can see that he carries the weight of the losses.
But Ross Tarrant and his clients were far from alone in being attracted to what seemed a safe haven during the global financial crisis.
Suspicious signs
Dominic McCormick is a softly spoken, studied investment specialist with a penchant for taking a contrary view when writing about his industry. He operates out of simple, refurbished offices in Sydney’s historic Bulletin Place, where framed odes to original thinking hang on the walls.
It was McCormick who first noticed something about the funds associated with Shawn Richard; they exhibited a flashiness that seemed out of place during a time of GFC-induced meltdown on the share markets. One of the funds had blown tens of thousands of dollars on hosting an elaborate stand at a conference of finance professionals that McCormick had attended. And, McCormick discovered while searching around the web, the architecture firm that had designed the Martin Place office for Richard’s Trio Capital was hyping Trio’s lavish fit-out on its website. Yet Trio had had minimal funds under management when it moved in.
McCormick also wondered how it was that the Astarra Fund seemed to weathering 2008 so well when the world financial crisis meant that the performance of hedge funds was down, on average, by 17 per cent. His scepticism growing, McCormick tried to talk his way into some of Astarra’s presentations for potential investors. He was rebuffed.
McCormick acted on his suspicions and contacted a blogger he followed, John Hempton, founder of Bronte Capital, another of Sydney’s boutique fund managers. Hempton’s previous blog posts had touched on some characters who turned up on the fringes of Trio – notably the son and brother of the United States Vice President, Joe Biden.
Hempton mostly invests in everyday stocks on global markets. But, from his his office in Bondi’s Westfield Tower, he’s often in cyberspace, hunting down companies that are frauds, fads and failures across the world – and sometimes buys such stock. Why? Hempton is also a short seller and so has a practised eye for detecting signs that shares are overvalued.
Mike Bowers/The Global Mail
Telford can’t work because of his injuries. And he is ineligible for welfare assistance because of the terms of his compensation payout.
(Short selling works like this: When you short sell shares, your broker, in effect, lends those shares to you. When the shares are sold, the proceeds are placed in your account. Later you will be required to ‘close’ the short by buying back the same number of shares and returning them to your broker. If the price drops, you can buy back the shares at the lower price and make a profit on the difference. If the price of the shares rises, you have to buy them back at the higher price, and you lose money. You hope, of course, for the former.)
After McCormick alerted him to questions about Astarra in mid 2009, Hempton has written, he took a look at the fund and within 40 minutes of online investigation he became very concerned by when he saw the resumes of the principal players and Astarra’s claimed wildly successful performance for its investors.
Hempton would later write in his blog that the discovery that concerned him most was the connection to the Biden family – Charles Provini, named on Astarra’s website as the fund’s US-based asset consultant. Provini used to be head of an outfit called Paradigm Global – an asset manager owned by Joe Biden’s son, Hunter Biden, and Joe Biden’s brother, James; “Paradigm – the Biden’s firm – had unwittingly got involved in another funds management firm which has been closed by regulators or been exposed as Ponzis,” Hempton writes. Hempton had long been familiar with the Bidens and Paradigm, and had written unflatteringly about them in 2009.
Hempton’s research led him to believe something was deeply wrong within Trio, so he wrote to ASIC. But, fearing that ASIC would not move fast enough, Hempton – who had previously been employed by the Australian Treasury – also immediately sent a letter to his old boss, the then Secretary of the Treasury, Dr Ken Henry. This occurred in mid-2009.
Henry wasted no time. He made sure ASIC took Hempton’s letter seriously. In his letter to ASIC Hempton said the smooth returns being reported by the Astarra fund were improbable at time when most other funds were being battered by the global financial melt-down: “These are the sort of results that have had a bad reputation since the exposure of Bernie Madoff.”
Bernie Madoff, of course, was the silver-haired, patrician New York fund manager who is now infamous for engineering the largest financial fraud in US history. Madoff lost USD18 billion of his clients money in a Ponzi scheme which was exposed in 2008, the year before Hempton fired off his warning to ASIC.
No birthday prank
Early on a Tuesday morning in 2009, Peter Wood, a likable fast-talking spruiker, senior employee of and friend to Shawn Richard, was in Trio’s Martin Place offices when Australian Federal Police officers burst through the doors. It was 8.30 am on Wood’s 50th birthday. The police yelled to staff not to touch any of their computers. They herded the employees into the company’s adjoining board room. Wood thought his work colleagues had pulled a birthday prank and was laughing – until an armed cop shoved an AFP badge in his face and told him he wouldn’t be doing any work today. He froze.
At that moment another bunch of cops were hammering the door of Shawn Richard’s Cremorne Point home. Richard was in the shower.
The sham was over. ASIC and the Australian Prudential Regulation Authority (APRA) issued stop orders on the Astarra fund – which prevented any more money going in or going out – and had also put a freeze on the switching of the fund’s assets. The authorities had acted swiftly on John Hempton’s letter to ASIC.
They had one question; where was the money? For weeks investigators searched. How could upwards of $170 million disappear from Australian superannuation investment funds – which were considered among the safest financial havens?
The most succinct account of what happened to the millions that had been invested would come two years later – when the New South Wales Supreme Court judge, Peter Garling sent Shawn Richard to prison for two-and-a-half years for his part in the Trio fraud.
Justice Garling said that Shawn Richard had at all times held himself out to investors and others as the controller of Trio, but that this was false. Shawn Richard, he said, had long taken his orders from the Hong Kong-based Jack Flader who was ultimate controller of Trio Capital, though this was well disguised. The judge said Richard had used his position to funnel the tens of millions invested by Australians into overseas funds controlled by Jack Flader. Much of the money was used to buy shares in US companies, controlled by Flader. The jumped-up prices paid for the Flader-owned shares made huge profits for companies controlled by Flader himself.
The façade of returns to investors was maintained because Flader’s companies secretly provided loans back to Trio when it needed to meet demands for funds. Richard falsely told Trio’s auditors that he controlled the source of the loans – there was no mention of Jack Flader.
Justice Garling’s judgment said: “Mr Richard did not disclose to, and took steps to actively conceal from, Trio or investors in Trio Managed Funds, his relationship with Mr Flader, the existence of the inter-related network of companies and investment funds and his personal financial advantage from the activities of the Trio Group.”
Justice Garling, whose family had long been prominent in the law in New South Wales, made clear his exasperation with the failure of the big-name auditors to pick up the fraud earlier. At one point in Richard’s trial Justice Garling adopted the voice of Trio Capital’s auditor, booming across his court: “‘Excuse me, what is the fund you have put your money into? Please prove the worth of those funds to me?’ That’s what auditors are supposed to do, isn’t it?”
In February last year, WHK’s Tim Frazer – who had signed off on the Astarra fund’s accounts – was banned by ASIC from acting as as registered company auditor for three years.
The 2012 Australian parliamentary inquiry into the Trio collapse concluded that the overseas fraudsters had set out to take advantage of the vulnerabilities they’d discovered in Australia’s superannuation funds. A pivotal part of their strategy was to move the funds of Australian investors overseas – making it much harder for investigators to later verify the existence of the money, recover it or punish those responsible for its disappearance.
The inquiry’s report said: “The key figures responsible for the Trio collapse appear to have escaped any criminal or other sanctions. The evidence suggests that the ‘mastermind’ was Mr Jack Flader, an American citizen, at one stage resident in Hong Kong and now believed to live in Thailand. The committee heard evidence that he has a history of involvement with securities fraud ...”
The parliamentary report indicates that its members were troubled by the lame efforts of both ASIC and the Australian Federal Police to recover the approximately $176 million that had gone missing, or to bring the kingpins of the fraud to justice. The inquiry said that, as best it could ascertain, there appeared to be no ongoing criminal investigations into Jack Flader. The inquiry’s report also remarked that Shawn Richard was only a “local foot soldier” in the scheme to defraud Australian investors.
“I knew I had lost $48,000. He said, ‘No it’s more than that, it’s more than $580,000.’ And I just, I just ... That’s when I went into shock. I could not believe it. But it was true.”
Of the 6,000 investors who lost their money in the fraud, some 5,000 were compensated for the money they put in. These were deemed to be members of regulated superannuation funds and were thus eligible for compensation under Australian law. It cost about $55 million to compensate them – money which will be repaid by way of a special levy on every Australian who is in a regulated super fund. It was the largest payout for superannuation fraud in Australian history.
But more than 700 other investors – and many of these lost their life savings – have no legal right to compensation. Many of this group were in self-managed superannuation funds (SMSF); because their funds weren’t regulated as were those in the first group, they were not eligible for any compensation. John Telford and Jenny Butler are both in this group. Telford and others were not even aware that, as result of investing in Trio-manged funds, they’d transferred to self-managed funds. And they had no idea that as a result of switching to a self-managed fund, they had no protection against fraud.
Telford recalls getting a letter from the Australian Tax Office five months after Trio collapsed, inviting him to a seminar for self-managed super funds. He called them back to say they were mistaken in inviting him as he did not have a self-managed fund. But the ATO insisted that he was in a self-managed fund and that was how Telford learned that he had no protection.
He decided to move quickly back into a regulated fund and believed at that stage that his losses from the Trio fall were around $48,000. He went to a local bank for advice.
Telford bitterly recalls that day: “I had my documentation and the bank manager looked through it and he said, ‘You have lost quite a lot of money.’ I knew I had lost $48,000. He said, ‘No it’s more than that, it’s more than $580,000.’ And I just, I just ... That’s when I went into shock. I could not believe it. But it was true.”
The election of the Abbott government in September 2013 and the appointment of the West Australian Senator Mathias Cormann as the new finance minister has rekindled the hopes of those Astarra investors in self-managed funds that they will be compensated. Cormann has long sided with this group, arguing while in Opposition that that they may have some justification to seek compensation.
In May, Cormann told the Wollongong lawyer and community agitator Paul Matters, who has spearheaded efforts to obtain compensation for the Trio victims: “We do think that there are a series of unique circumstances which justify a closer look at what government could and should do in that circumstance. Essentially, there are people who invested through Trio who didn’t invest in particularly risky investments.”
Mike Bowers/The Global Mail
Paul Matters, the Wollongong lawyer who has spear-headed efforts to obtain compensation for the Trio victims.
The victims are preparing a fresh compensation claim to present to Cormann.
Meanwhile Jack Flader, who is believed to now be living in Thailand, remains out of reach of Australian authorities.
Shawn Richard, now on the cusp of 40, is likely to be freed on January 21 from Cooma Correctional Centre, where he has spent the past two-and-a-half years, and where threats made against him (it has not been revealed by whom) have necessitated that he be held in protection.
Last April, John Telford did get to meet Richard, in a cell at Sydney’s Silverwater prison, where Richard had been temporarily transferred to attend a hearing in Sydney.
Recalls Telford: “He came in dressed in orange prison garb and he’s an intelligent young man. Probably, I’d even say handsome. I liked his sincerity. He listened very carefully and engaged. He answered each question I had. He gave the impression that the crime surprised him as much as anybody else.”
Telford says Richard told him that Jack Flader had issued instructions – after ASIC first raided the Trio offices in Sydney – that no one in the group was to speak to Shawn Richard again.
Added Telford: “Shawn looked like he was still shocked by the situation.”
The Global Mail attempted to arrange to speak to Shawn Richard, once he is released. That is expected next week. Richard has not replied but last week he contacted some victims from prison, saying he still wished to do what he could for them. But he said he would need to lie low for a few weeks after his release. But he said he would need to lie low for a few weeks after his release.
He feared for his safety.
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