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ASIC obtains court order against former adviser

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.