The Australian Securities and Investments Commission (ASIC) has taken court action against a former Sydney financial adviser and comedian, freezing his assets and restricting him from travelling overseas as part of an investigation into fees charged to clients’ superannuation funds.
ASIC stated it started proceedings in the Federal Court on 5 July against David Mario Valvo, who ceased being an adviser on 31 December 2021, and a related company, Your Financial Freedom Pty Ltd.
During the proceedings, the court made orders freezing the assets of Valvo and Your Financial Freedom, as well as barring him from leaving Australia and requiring him to surrender his passport.
ASIC added it was currently investigating the financial services provided by Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, during which time he was an authorised representative of NextGen Financial Group, regarding fees charged to client superannuation funds.
The matter will return to court for a case management hearing on 29 September and ASIC has asked anyone who had superannuation invested with Valvo or Your Financial Freedom with concerns about the fees they paid to contact the corporate watchdog.
In 2019, Valvo claimed he was a victim of an online scam in which he lost $50,000 via a fake trading platform, according to a report on A Current Affair.
The website for Your Financial Freedom is still online, but now only holds an image of Valvo and his contact details and listing him as a comedian, while another website bearing his name describes him as a comedian, impressionist and master of ceremonies.
