David Valvo, a former financial adviser in Sydney, appeared in the Downing Centre Magistrates' Court on 2 April 2024 charged with 12 counts of dishonesty in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd.

The Australian Securities and Investments Commission (ASIC) alleged that Mr Valvo completed and lodged adviser fee withdrawal forms for the Wealthtrac superannuation accounts of 12 of his clients totalling approximately AU$110,000 between 23 July 2019 and 15 January 2020, knowing the forms to be untrue.

The court granted Mr Valvo conditional bail, which included him having to surrender his passport, remain in Australia and have no contact with prosecution witnesses except through his legal representative.

The case was adjourned until 28 May 2024 for further proceedings.

Each offence of engaging in dishonest conduct contrary to section 1041G(1) of the Corporations Act 2001 (Cth) carries a maximum penalty of 15 years imprisonment.

On 5 July 2023, the Federal Court issued an interim travel restriction order against Mr Valvo and interim asset preservation orders against Mr Valvo and Your Financial Freedom Pty Ltd.

On 14 November 2023, the Federal Court issued a final order. The asset preservation order remains in force until further orders are made. On 31 March 2024, the travel restriction order expired.

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