ASIC has commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his related companies, Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund (Related Companies).
Mr Prakash is a certified practising accountant, registered tax practitioner, self-managed superannuation fund auditor and financial advisor who is authorised by Principal Financial Services Pty Ltd to provide financial product advice regarding, amongst other products, retirement savings account products and superannuation.
ASIC is currently investigating the businesses conducted by Mr Prakash and the Related Companies, including in connection with financial advice and activities on client trading accounts from 28 January 2016 onwards.
On 28 March 2024, the Court made orders preserving the assets of Mr Prakash and Related Companies and restraining Mr Prakash from leaving Australia.
On 19 April 2024, the parties’ consented to a variation to carve outs to those asset preservation orders.
The matter is listed for a case management hearing on 16 May 2024.
Any person who is a client of Mr Prakash or the Related Companies and has concerns about advice they received, their investments and/or trading on their accounts can contact ASIC at Client.Queries.for.Mr.Prakash@asic.gov.au.
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Editor's Note:
On 15 May 2024, the parties consented to a further variation to carve outs to the asset preservation orders and the case management hearing listed for 16 May 2024 was adjourned to 4 July 2024.
Editor's Note 2:
The case management hearing listed for 4 July 2024 has been adjourned to 28 August 2024.
Editor's Note 3:
The case management hearing listed for 28 August 2024 has been re-listed for 29 August 2024.
Editor's Note 4:
The case management hearing listed for 29 August 2024 has been adjourned to 25 November 2024.
Editor's Note 5:
On 18 November 2024, the parties consented to a further variation to carve outs to the asset preservation orders. The case management hearing listed for 25 November 2024 has been adjourned to 7 April 2025.