A former Queensland financial adviser appeared in Brisbane Magistrates Court on Friday charged with three breaches of a financial services banning order.
Lawrence Toledo, formerly of Sentinel Private Wealth, was banned from providing financial services for seven years in 2017 after ASIC found he had “failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties”.
The corporate regulator alleges that Mr Toledo breached the existing ban by providing financial advice to an SMSF to invest in Premier Realty Group and arranging two sales of a financial product to the SMSF.
At the time of the sale, Mr Toledo’s partner was the sole director of the group that was not disclosed to the SMSF or its trustees.
The maximum penalty for each charge is $5,250 and/or a six-month prison sentence.
The matter has been adjourned for mention on 1 October 2021.
In 2017, ASIC found Mr Toledo had failed to act in his clients’ best interests when advising them to create a self-managed super fund in order to purchase property, and failed to “provide advice appropriate to the clients”.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
A former AMP financial adviser has called on advisers in the buyer of last resort class action against AMP to “ensure ...
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect statement of ...
The head of the FSC says the corporate regulator is sending mixed messages to the financial advice and superannuation ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin