ASIC freezes assets of former adviser

In a statement on Tuesday, the corporate regulator said it has successfully obtained a freeze on the assets held by a former financial adviser based in Sydney.

Namely, On 5 July 2023, the regulator commenced urgent proceedings in the Federal Court against David Valvo and related company, Your Financial Freedom.

On the same day, the court made orders freezing the assets of Mr Valvo and Your Financial Freedom, restrained Mr Valvo from leaving Australia and required him to surrender his passport.

The Australian Securities and Investments Commission (ASIC) revealed that it took these steps as its currently investigating the financial services provided by Mr Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.

The matter is listed for a case management hearing on 29 September 2023.

ASIC noted its investigation of Mr Valvo and Your Financial Freedom is continuing.

“Any person who had superannuation invested with Mr Valvo or Your Financial Freedom and has concerns about the fees they paid can contact ASIC at [email protected],” the regulator advised.

According to media reports, Mr Valvo is also a comedian known for his celebrity impressions and is facing allegations of duplicating the signatures of numerous clients.

ASIC’s FAR suggests that Mr Valvo held a license under NextGen Financial Group during the period the regulator is investigating, before moving to We Are Gen Y and then ceasing on 30 December 2021.