Former Sydney financial adviser David Valvo faced the Downing Centre Local Court on April 2, on 12 counts of dishonest conduct within his business, Your Financial Freedom, ASIC reported.
ASIC claimed that between July 23, 2019, and January 15, 2020, Valvo knowingly submitted false adviser fee withdrawal forms for 12 clients’ Wealthtrac superannuation accounts, involving approximately $110,000 – an act of dishonesty that not only breached the trust placed in him by his clients but also violated financial regulations.
Following his court appearance, Valvo was granted conditional bail, with terms requiring him to surrender his passport, stay within Australia, and limit his communication with prosecution witnesses to interactions through legal representatives.
The case is scheduled for further mention on May 28.
The Commonwealth director of public prosecutions is leading the charge against Valvo, following a detailed investigation by ASIC into his activities.
Each act of dishonest conduct, violating section 1041G(1) of the Corporations Act 2001, is subject to a maximum sentence of 15 years in prison.
The backdrop to this case includes significant pre-trial developments. In July, the Federal Court issued interim travel and asset preservation orders against Valvo and his company, with further orders solidified in November.
The asset preservation orders remain in effect until further notice, while the travel restraint orders expired on March 31, ASIC said.
Recent ASIC actions include the revocation of Crown Wealth Group’s AFS licence and the sentencing of a corporate adviser for insider trading.
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