Melbourne-based adviser restrained from travel amid ASIC investigation
ASIC has secured travel restraint orders against a financial adviser while he is the subject of an ASIC investigation.
Barry David King is prevented from leaving or attempting to leave Australia until 1 April 2025, after orders were made by the Supreme Court of NSW following an ASIC application.
The regulator said it was concerned King may leave the country while it continues its investigation.
They were consented to by King without admission.
While it is understood he is based in Melbourne, King is a licensed financial adviser operating in Queensland, NSW and Victoria through Wealth Effect Advisory Pty, King Financial Group (Vic), King Financial Group (NSW), and King Financial Group (Qld). He is also a director of AFSL Wealth Effect Advisory.
The King Financial Group website describes him as managing director and senior financial planner who established the firm in 1989. The firm describes its offering as including wealth creation, budgeting, debt reduction, personal and business insurance, superannuation and retirement planning and estate planning, among others.
“The orders were sought as part of ASIC’s investigation into Mr King and the King Financial Group of companies. ASIC is currently investigating Mr King for alleged financial misconduct in a network of companies and related trusts.”
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