Home Mortgage Former adviser faces fraud fees

Former adviser faces fraud fees

Former adviser faces fraud fees


Former adviser faces fraud fees | Australian Dealer Information

The Sydney adviser allegedly mishandled shoppers’ tremendous funds

Former adviser faces fraud charges

Former Sydney monetary adviser David Valvo confronted the Downing Centre Native Court docket on April 2, on 12 counts of dishonest conduct inside his enterprise, Your Monetary Freedom, ASIC reported.

ASIC allegations of fraud

ASIC claimed that between July 23, 2019, and January 15, 2020, Valvo knowingly submitted false adviser price withdrawal kinds for 12 shoppers’ Wealthtrac superannuation accounts, involving roughly $110,000 – an act of dishonesty that not solely breached the belief positioned in him by his shoppers but in addition violated monetary laws.

Bail circumstances set

Following his courtroom look, Valvo was granted conditional bail, with phrases requiring him to give up his passport, keep inside Australia, and restrict his communication with prosecution witnesses to interactions via authorized representatives.

Upcoming authorized proceedings

The case is scheduled for additional point out on Might 28.

The Commonwealth director of public prosecutions is main the cost towards Valvo, following an in depth investigation by ASIC into his actions.

Every act of dishonest conduct, violating part 1041G(1) of the Firms Act 2001, is topic to a most sentence of 15 years in jail.

Case background

The backdrop to this case consists of vital pre-trial developments. In July, the Federal Court docket issued interim journey and asset preservation orders towards Valvo and his firm, with additional orders solidified in November.

The asset preservation orders stay in impact till additional discover, whereas the journey restraint orders expired on March 31, ASIC stated.

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