Banned SMSF adviser convicted for breaching ASIC order
Former Queensland financial adviser, Lawrence Toledo, has been convicted and fined $1500 after pleading guilty to three charges of breaching an Australian Securities and Investment Commission (ASIC) banning order.
In 2017, Toledo was banned from providing financial services for seven years after ASIC found he had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties.
Despite his ban remaining in force until 5 September, 2024, Toledo continued to provide financial product advice and deal in financial products.
Toledo breached his banning order by providing financial advice to an SMSF to invest in Premier Realty Group Pty Ltd, arranging the sale of 70,000 shares in Premier Realty Group for $70,000 to the SMSF and arranging a second sale of 14,000 additional shares in Premier Realty Group, costing $14,000, to the same SMSF.
Toledo entered his plea and was sentenced in the Brisbane Magistrate’s Court.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence from ASIC.
AUTHOR
Liam Cormican
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
