On 5 July 2023, ASIC commenced urgent proceedings in the Federal Court against David Valvo, former Sydney financial adviser, and related company, Your Financial Freedom Pty Ltd.

On the same day, the Court made orders freezing the assets of Mr Valvo and Your Financial Freedom Pty Ltd (ACN 083 0044 580), restrained Mr Valvo from leaving Australia and required him to surrender his passport.

ASIC is currently investigating the financial services provided by David Valvo and Your Financial Freedom during the period 1 January 2015 to 21 September 2021, regarding fees charged to client superannuation funds.

The orders were varied on 7 July and 4 August 2023 with Mr Valvo’s consent.

The matter is listed for a case management hearing on 29 September 2023.

ASIC’s investigation of David Valvo and Your Financial Freedom Pty Ltd is continuing.

Any person who had superannuation invested with Mr Valvo or Your Financial Freedom and has concerns about the fees they paid can contact ASIC at Client.Queries.for.Mr.Valvo@asic.gov.au

Editor's note:

The matter has been adjourned for a case management hearing on 13 October 2023.

Editor's note 2:

The matter has been adjourned for a case management hearing on 7 November 2023.

Editor's note 3: 

On 14 November 2023 orders were made continuing the asset preservation orders until further order of the court. The orders relating to the surrender of Mr Valvo's passport, and restraining him from leaving Australia continue until 31 March 2024.