Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

SMSF establishment, property development at heart of new court battle

ASIC has commenced proceedings in the Supreme Court of Queensland against a former financial adviser who allegedly recommended SMSFs to clients to facilitate the purchase of a newly constructed investment property.

News Miranda Brownlee 17 January 2019
— 1 minute read

ASIC has taken court action against Richard Gardner, a credit representative and former financial adviser, and Advanced Wealth Financial Services Pty Ltd.

Advertisement
Advertisement

The Corporate Regulator is alleging that Mr Gardner and Advanced Wealth Financial Services were providing financial services with no license or authorisation.

Following an investigation, ASIC alleges that Mr Gardner recommended clients establish an SMSF to facilitate the purchase of a newly constructed investment property, recommended specific properties for development to clients, recommended specific developers or builders to construct the investment property and received substantial commissions from the builder or developer used for the construction of the investment property.

Mr Gardner and Advanced Wealth Financial Services are not licensed nor authorised to provide financial services, only credit services.

ASIC is seeking final orders to restrain Mr Gardner and Advanced Wealth Financial Services from carrying on a financial services business unless authorised.

The matter will be heard in the Supreme Court in Brisbane on 12 February 2019.

ASIC said its investigation is continuing.  

SMSF establishment, property development at heart of new court battle
image intro
accountantsdaily logo
News
FROM THE WEB