POWERED BY MOMENTUM MEDIA
Banned SMSF adviser convicted for breaching ASIC order
Former Queensland financial adviser, Lawrence Toledo, has been convicted and fined $1500 after pleading guilty to three charges of breaching an Australian Securities and Investment Commission (ASIC) banning order.
In 2017, 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.
Despite his ban remaining in force until 5 September, 2024, Toledo continued to provide financial product advice and deal in financial products.
Toledo breached his banning order by providing financial advice to an SMSF to invest in Premier Realty Group Pty Ltd, arranging the sale of 70,000 shares in Premier Realty Group for $70,000 to the SMSF and arranging a second sale of 14,000 additional shares in Premier Realty Group, costing $14,000, to the same SMSF.
Toledo entered his plea and was sentenced in the Brisbane Magistrate’s Court.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence from ASIC.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
