Former adviser charged with dishonest conduct

Sydney-based former financial adviser David Valvo appeared before the Downing Centre Local Court on 2 April 2024 charged with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd.

In a statement on Tuesday, the Australian Securities and Investments Commission (ASIC) alleged that between 23 July 2019 and 15 January 2020, Valvo acted dishonestly when he completed and submitted adviser fee withdrawal forms for 12 of his clients’ Wealthtrac superannuation accounts for amounts totalling approximately $110,000, knowing that the forms were not genuine.

The court granted Valvo conditional bail which included that he surrenders his passport, remains in Australia, and that he is not to communicate with prosecution witnesses other than through his legal representatives.

The matter was adjourned to 28 May 2024 for further mention.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.

The regulator confirmed that each offence of engaging in dishonest conduct contrary to s1041G(1) of the Corporations Act 2001 (Cth) carries a maximum penalty of 15 years’ imprisonment.