Former Sydney adviser has assets frozen amid ASIC investigation
ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser.
These are against David Valvo and the company Your Financial Freedom as ASIC is investigating the financial services provided by David Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.
Valvo is the sole director and shareholder in Your Financial Freedom.
On the same day (5 July), the Federal Court made orders freezing the assets of Valvo and the company, restrained him from leaving Australia and required him to surrender his passport.
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.
It also noted he had failed to complete the relevant CPD for 2019 and 2020.
As well as his work as a financial planner, Valvo also works as a comedian, voiceover artist and impersonator at events in Sydney.
The orders were varied on 7 July and 4 August 2023 with Valvo’s consent.
The matter is listed for a case management hearing on 29 September 2023.
ASIC’s investigation is continuing.
AUTHOR
Laura Dew
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
