Federal Court grants interim asset preservation orders against WA adviser

ASIC/adviser/federal-court/financial-adviser/australian-securities-and-investments-commission/director/

23 July 2014
| By Nicholas |
image
image image
expand image

The Federal Court has made interim asset preservation orders by consent against former Western Australia-based financial adviser Marion Joan Pearson and Colisa Pty Ltd, following an application by the Australian Securities and Investments Commission (ASIC).

ASIC obtained the orders, which restrain Pearson and Colisa from providing financial services advice or dealing in financial products, and from dealing with any client accounts without prior written authorisation from the client, after an investigation into the use of investor funds.

ASIC sought interim orders pending the outcome of its ongoing investigation, to preserve investors' assets and interests.

The orders were made on 18 July 2014.

Pearson is the sole director and shareholder of Colisa. Pearson and Colisa were at the relevant time, but are no longer, authorised representatives of the Australian financial services licence holder Ballast Financial Management Pty Ltd (Ballast). ASIC is not investigating the conduct of Ballast itself.

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 3 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5