ASIC obtains court orders against Sydney adviser
The Australian Securities and Investments Commission (ASIC) has obtained interim court orders against Sydney financial adviser Gabriel Nakhl.
Nakhl, from Illawong, NSW, provides financial advice via his company SydFA Pty Limited.
The court orders restrain Nakhl from "disposing of, dealing with or otherwise diminishing certain assets, except in limited circumstances", according to an ASIC statement.
ASIC has alleged that Nakhl advised some of his clients to give, or loan, him money so that he could invest it or pay them a fixed return.
"Mr Nakhl gave clients a document to sign for this arrangement initially entitled 'Fixed Interest Security' and later 'Deed of Loan'. In some cases, the clients were advised to use money from their self-managed superannuation funds," said ASIC.
"ASIC is concerned that Mr Nakhl may not have used investors' money solely for the purposes represented to investors, but may have also used it for other purposes," said the regulator.
The case returns to the Supreme Court of New South Wales on 29 April. The regulator is continuing its investigation into Nakhl's conduct.
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