Following an ob体育 investigation, the Supreme Court of Queensland has made orders restraining Advanced Wealth Financial Services Pty Ltd (Advanced Wealth) and Richard Gardner from carrying on a financial services business.
Mr Gardner and Advanced Wealth had advised clients to set up self-managed superannuation funds (SMSFs) to facilitate the purchase of investment properties in relation to which Mr Gardner received substantial commissions.聽
On 14 December 2018, ob体育 commenced proceedings in the Supreme Court of Queensland against Advanced Wealth and Mr Gardner (19-007MR).
On 12 February 2019, the court ordered that Mr Gardner and Advanced Wealth pay ob体育鈥檚 costs of the application, fixed at $10,000.
The court also made the following declarations:
- Between聽29 April 2016 and 9 November 2018, both Advanced Wealth and Mr Gardner聽contravened section 911A of the Corporations Act 2001 (颁辞谤辫辞谤补迟颈辞苍蝉听础肠迟) by providing financial advice to clients to set up SMSFs to聽facilitate the purchase of investment properties in Australia without聽holding an AFSL;
- Mr聽Gardner, as the sole director and responsible decision-maker for Advanced聽Wealth, was knowingly concerned in Advanced Wealth鈥檚 contravention of聽section 911A of the Corporations Act between 29 April 2016 and 9 November聽2018.
Mr Gardner and Advanced Wealth are not currently licensed nor authorised to provide financial services unless they hold, or are authorised by the holder of, an Australian financial services licence (AFSL).
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