Former Financial Adviser Faces Criminal Charges for Breaching ASIC Banning Order

On 27 August 2021, Mr Lawrence Toledo of Coorparoo, Queensland, a former financial adviser, appeared in the Brisbane Magistrates Court charged with three breaches of a financial services banning order.

Mr Toledo was banned from providing financial services for seven years after ASIC found he had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties.

ASIC alleges Mr Toledo breached the existing banning order by:

• providing financial advice to a SMSF to invest in Premier Realty Group Pty Ltd;

• arranging the sale of a financial product (70,000 shares in Premier Realty Group for $70,000) to the SMSF; and

• arranging a second sale of financial products (14,000 additional shares in Premier Realty Group, costing $14,000) to the same SMSF.

Mr Toledo's partner at the time was the sole director of Premier Realty Group. This information was not disclosed to the SMSF and its trustees.

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The maximum penalty for each charge of engaging in conduct in breach of a financial services banning order is $5,250 or imprisonment for six months, or both.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC and has been adjourned for mention on 1 October 2021.