Federal Court grants interim asset preservation orders against WA adviser

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.