Former Sydney financial adviser, David Valvo, has been charged in court with 12 counts of dishonest conduct.
Valvo appeared before Downing Centre Local Court on 2 April 2024 and was charged with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd.
Each offence of engaging in dishonest conduct carries a maximum penalty of 15 years’ imprisonment, ASIC said.
He was granted conditional bail, which includes that he surrenders his passport, remains in Australia and does not communicate with prosecution witnesses.
ASIC alleges that between 23 July 2019 and 15 January 2020, Valvo acted dishonestly when he completed and submitted adviser fee withdrawal forms for 12 of his clients’ Wealthtrac superannuation accounts for amounts totalling approximately $110,000, knowing that the forms were not genuine.
On 5 July 2023, ASIC commenced “urgent proceedings” against Valvo and his company, Your Financial Freedom, whereby he was restricted from leaving Australia.
According to the Financial Advisers Register, Valvo was authorised by Nextgen Financial Group at the time of the alleged action. He previously worked at Insignia Platforms from December 2007 to September 2013.
In a subsequent case management hearing on 14 November, it was ordered by Justice Lee that the asset preservation orders against Valvo would continue until further notice.
These restrain Valvo from removing property from Australia, disposing or diminishing the value of property, incurring new liabilities and withdrawing or transferring monies in any account in which he has legal or equitable interest, unless the collective value of the preserved assets located in Australia exceeds $1 million.
The matter was adjourned to 28 May 2024 for further mention and is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.
