ASIC seized the assets of a former financial advisor in Sydney

On 5 July 2023, ASIC commenced urgent proceedings in the Federal Court against David Valvo, former Sydney financial adviser, and related company, Your Financial Freedom Pty Ltd.

On the same day, the Court made orders freezing the assets of Mr. Valvo and Your Financial Freedom Pty Ltd (ACN 083 0044 580), restrained Mr. Valvo from leaving Australia, and required him to surrender his passport.

ASIC is currently 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.

The orders were varied on 7 July and 4 August 2023 with Mr. Valvos consent. The matter is listed for a case management hearing on 29 September 2023.

ASICs investigation of David Valvo and Your Financial Freedom Pty Ltd is continuing. Any person who had superannuation invested with Mr. Valvo or Your Financial Freedom and has concerns about the fees they paid can contact ASIC.

About ASIC

The Australian Securities and Investments Commission (ASIC) is Australias corporate, markets and financial services regulator. ASIC aims to promote fair and efficient financial markets, characterized by integrity and transparency, and to support confident and informed participation by investors and financial consumers.

The ASIC issues financial licenses and monitors businesses that provide financial services to ensure that they operate efficiently, honestly, and fairly through the Australian financial services licensing system.

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