Following an investigation by the Australian Securities and Investments Commission (ASIC) in 2017, the Supreme Court of Queensland has today issued orders restraining Advanced Wealth Financial Services and its sole director, Richard Gardner, from carrying on a financial services business.
The ASIC investigation found Gardner, acting as a financial adviser for Advanced Wealth, had advised clients to set up self-managed superannuation funds to facilitate the purchase of investment properties in relation to which Gardner received substantial commissions.
In December last year, the corporate regulator commenced proceedings in the Queensland Supreme Court against the firm and Gardner, to which the Court has now ordered they pay ASIC’s costs of the application (fixed at $10,000).
The Court found that Gardner and the firm contravened section 911A of the Corporations Act by providing advice without holding an Australian Financial Services Licence. It also found Gardner was knowingly concerned in Advanced Wealth’s contravention.