David Valvo was sentenced on 12 February in Sydney District Court to a term of imprisonment for three years and nine months for one count of dishonest conduct.
However, the sentence is suspended on the accordance of his good behaviour for five years from 12 February 2025.
He must also pay $20,000 to the Commonwealth of Australia as a pecuniary penalty and reparation of $95,007.70 to Oasis Fund Management.
The court said a 25 per cent discount was included based on his guilty plea. The maximum penalty for the offence was 15 years’ imprisonment.
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.
He had initially been charged in April 2024 with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd, but the remaining charges were withdrawn and reduced to one count, which Valvo pled guilty to in October 2024.
As well as being a financial adviser, Valvo also worked as an impersonator and comedian.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.
What qualifications does he have?…
Using an ASF form to steel retirees life savings, the industry is full of those advisers but unfortunately the law looks after them
Valvo Line if you know what I mean…
“As well as being a financial adviser, Valvo also worked as an impersonator and comedian”. Pretty much describes the financial planning profession at the moment.
And when you mentioned impersonatir and comedian I thought you were talking about that soon to be gone spud minister Jones lol
This, and advice firms putting their clients into dodgy products owned by them is the stuff ASIC should be focussing on. Not worrying about FDS’s or whetehr an SOA ticks every box.
Unfortunately, cases like this do happen, often due to greed, desperation, or a misguided belief that they won’t get caught. Regulators and financial institutions take such misconduct very seriously, as it undermines client trust and the integrity of the industry.
Never trust a man with only one name.
Was that Bono or Prince that said that?
We all pay the price for these beasts.