ASIC takes Advanced Wealth Financial to court
The Australian Securities and Investment Commission (ASIC) has taken court action against Richard Gardner, a former financial adviser, and Advanced Wealth Financial Services for providing financial services with no licence.
According to the regulator, Gardner provided recommendations to his clients to establish a self-managed superannuation fund (SMSF) in order to buy newly constructed investment properties.
He also recommended specific properties for development as well as specific developers or builders to construct those investment properties.
At the same time, Gardner was said to have received substantial commissions from the builders and developers, ASIC said.
Advanced Wealth Financial was not licenced to provide financial services, but only credit services.
The matter would be heard in the Supreme Court in Brisbane in February while ASIC would continue its investigation.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
