Former Sydney adviser’s travel ban extended over alleged $750k theft

ASIC gambling theft

23 November 2023
| By Laura Dew |
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Former Sydney financial adviser, David Valvo, has seen his asset preservation and travel restrictions extended by the Federal Court amid an ASIC investigation.

It is alleged Valvo faked client signatures to illegally obtain as much as $750,000, and is being investigated regarding fees charged to client superannuation funds between 1 January 2015 to 21 September 2021.

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. 

It is also understood he had a serious gambling problem and had gambled over $400,000 since February 2021.

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 orders relating to the surrender of his passport and restraining him from leaving Australia without consent from the Federal Court will also continue until 31 March 2024. 

The case management hearing was previously adjourned from 13 October to 7 November to 14 November.

ASIC’s investigation is continuing.

 

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AUTHOR

Submitted by John Bourke on Sat, 2024-03-16 14:01

I’m one of these people I’ve heard nothing since September . Tried to ring phone ring outs or say ring back another day

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