ASIC has secured travel restraint orders against Melbourne-based financial advisor Barry David King.
The orders, which prevent Mr King from leaving or attempting to leave Australia until 1 April 2025, were made by the Supreme Court of NSW after an application by ASIC and were consented to by Mr King, without admission.
The orders were sought as part of ASIC's investigation into Mr King and the King Financial Group of companies. ASIC is currently investigating Mr King for alleged financial misconduct in a network of companies and related trusts.
ASIC applied for the travel restraint orders over concerns that Mr King may leave the country while it continues its investigation.
Background
Mr King is currently a licensed financial advisor operating in Queensland, New South Wales and Victoria through Wealth Effect Advisory Pty Ltd, King Financial Group (VIC) Pty Ltd, King Financial Group (NSW) Pty Ltd, and King Financial Group (QLD) Pty Ltd. Wealth Effect Advisory is an Australian financial services licensee (AFSL 514437) of which Mr King is a director.
