ASIC Urgently Sues Sunny Mahendra Prakash and Principal Financial Services
ASIC has commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash, Principal Financial Services and Self-Managed Super.
The Australian Securities and Investments Commission (ASIC) has initiated urgent legal proceedings in the Federal Court against Sunny Mahendra Prakash and his related companies, namely Main Financial Services Pty Ltd, Self-Managed Super Limited, Provest Enterprises Pty Ltd, and Super Funds Australia Pty Ltd ITF Main Retirement Fund.
Mr. Prakash is a licensed practicing accountant, registered tax agent, self-managed superannuation fund auditor, and financial adviser, authorized by Main Financial Services Pty Ltd to provide financial product advice on retirement savings account products and pension products.
ASIC is currently investigating the business conducted by Mr. Prakash and the related companies, including financial advice and client trading account activities since January 28, 2016.
On March 28, 2023, the court issued orders for the preservation of Mr. Prakash's and the related companies' assets and restrained Mr. Prakash from leaving Australia. On April 19, 2024, the parties agreed to modify these asset preservation orders.
This matter is scheduled for a case management hearing on May 16, 2024.
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