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19-007MR ASIC takes court action against Advanced Wealth Financial Services
ASIC has commenced proceedings in the Supreme Court of Queensland against Richard Gardner, a credit representative and former financial adviser; and
Advanced Wealth Financial Services Pty Ltd (Advanced Wealth Financial Services).
ASIC alleges 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 a self-managed superannuation fund to facilitate the purchase of a newly constructed investment property;
- Mr Gardner recommended specific properties for development to clients;
- Mr Gardner recommended specific developers or builders to construct the investment property;
- Mr Gardner 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’s investigation is continuing.