Former Sydney adviser has assets frozen amid ASIC investigation
ASIC has commenced “urgent proceedings” in the Federal Court of a former Sydney financial adviser.
These are against David Valvo and the company Your Financial Freedom as ASIC is investigating the financial services provided by David Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.
Valvo is the sole director and shareholder in Your Financial Freedom.
On the same day (5 July), the Federal Court made orders freezing the assets of Valvo and the company, restrained him from leaving Australia and required him to surrender his passport.
According to the Financial Advisers Register, Valvo was authorised by Nextgen Financial Group at the time of the alleged action. He previously worked at Insignia Platforms from December 2007 to September 2013.
It also noted he had failed to complete the relevant CPD for 2019 and 2020.
As well as his work as a financial planner, Valvo also works as a comedian, voiceover artist and impersonator at events in Sydney.
The orders were varied on 7 July and 4 August 2023 with Valvo’s consent.
The matter is listed for a case management hearing on 29 September 2023.
ASIC’s investigation is continuing.
AUTHOR
Laura Dew
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
