Former Sydney adviser pleads guilty to dishonest conduct
Former Sydney financial adviser, David Valvo, has pled guilty in court to one count of dishonest conduct.
Valvo appeared before Sydney Downing Centre on 15–16 October and pled guilty to one count of dishonest conduct.
He had previously been charged in April 2024 with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd, but the remaining charges were withdrawn.
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.
The case was committed for arraignment mention in Sydney District Court on 15 November 2024, and the bail undertaking is continued.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.
AUTHOR
Laura Dew
Recommended for you
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
There have only been a “handful” of opportunities in the last 20 years when infrastructure has looked as cheap relative to equities as it does now, according to Lazard, making it a viable option to provide portfolio security amid market volatility.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
