media release (24-064MR)

Former Sydney financial adviser charged with dishonest conduct


Sydney-based former financial adviser David Valvo appeared before the Downing Centre Local Court on 2 April 2024 charged with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd.

ASIC alleges that between 23 July 2019 and 15 January 2020 Mr Valvo acted dishonestly when he completed and submitted adviser fee withdrawal forms for 12 of his clients’ Wealthtrac superannuation accounts for amounts totalling approximately $110,000, knowing that the forms were not genuine.

The Court granted Mr Valvo conditional bail which included that he surrenders his passport, remains in Australia, and that he is not to communicate with prosecution witnesses other than through his legal representatives.

The matter was adjourned to 28 May 2024 for further mention.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.


Each offence of engaging in dishonest conduct contrary to s1041G(1) of the Corporations Act 2001 (Cth) carries a maximum penalty of 15 years imprisonment.

On 5 July 2023, the Federal Court (NSW Registry) made interim travel restraint orders against Mr Valvo and interim asset preservation orders against Mr Valvo and Your Financial Freedom Pty Ltd.

On 14 November 2023, the Federal Court made final orders. The asset preservation orders continue until further order. The travel restraint orders expire on 31 March 2024 (23-226MR).

Media enquiries: Contact ASIC Media Unit