The Federal Court has ordered a financial planner to surrender his passport as part of an investigation by the Australian Securities and Investment Commission (ASIC) into a financial services business of which he is a director.
ASIC made application to the Federal Court which has ordered financial planner Bradley Grimm, and his wife Vanessa Ash – a lawyer and former ASIC employee, to surrender their passports as the regulator continues its investigation into the activities of Ostrava Equities.
The regulator stated the interim orders handed down by the court are part of an ongoing investigation into alleged unauthorised withdrawals of client funds and charging of fees by Ostrava Equities, which provides financial services including establishment of self-managed superannuation funds (SMSFs).
Grimm is an authorised representative of Ostrava Securities and Marigold Falconer International Limited, a joint director of Ostrava Asset Management and a former director of Ostrava Equities. Ash is a current director of Ostrava Asset Management, Ostrava Securities and Ostrava Equities.
The latter has offices in Melbourne and Sydney and advertises that its services include SMSF establishment and management, financial advice, insurance and legal services and is a corporate authorised representative of Marigold Falconer International Limited.
The court order prevents both directors from leaving Australia and follows other orders made on 17 April in which the assets of Grimm and Ash, including their personal assets and all assets owned or otherwise held by Ostrava Equities, Ostrava Asset Management and Ostrava Securities were frozen.
The freezing order was discontinued at a hearing on 4 May where ASIC sought an adjournment of the matter and a continuation of the orders with matter due to return to court on 26 May.
