A former authorised representative of Ballast Financial Management has been restrained from providing financial services due to an ASIC-requested court order issued by the Federal Court.
Following an ASIC application, the Federal Court in Perth has made interim asset preservation orders by consent against former West Australian adviser Marion Joan Pearson and her company Colisa.
A statement from ASIC said the court also made interim consent orders restraining Ms Pearson from providing financial services advice, dealing in financial products and dealing with client accounts.
“ASIC obtained these orders in connection with its investigation into the use of investor funds, which were largely self-managed superannuation funds,” it said.
“ASIC sought interim orders pending the outcome of its ongoing investigation, to preserve investors' assets and interests,” it added.
Ms Pearson has the right to apply to vary the orders.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Sep 2018Banned Perth adviser did not engage in dishonest conductBy James Mitchell
- 20 Sep 2018‘No advisers have been mistreated’: DalyBy James Mitchell
- 20 Sep 2018Beacon advisers held ‘ransom’ while IIOF money remains missingBy James Mitchell
- 19 Sep 2018Linchpin funded advice business in liquidationBy James Mitchell
- 20 Sep 2018Government beefs up ASIC capabilitiesBy Adrian Flores
- 20 Sep 2018Labor super gender gap proposals meet FSC approvalBy Adrian Flores
- view all