Former Queensland financial adviser Lawrence Toledo has been convicted and fined $1500 after pleading guilty to three charges of breaching an ASIC banning order.
In 2017, Mr Toledo was banned from providing financial services for seven years after ASIC found he had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties (17-304MR).
Despite his ban remaining in force until 5 September 2024, Mr Toledo continued to provide financial product advice and deal in financial products.
Mr Toledo breached his banning order by:
- providing financial advice to a SMSF to invest in Premier Realty Group Pty Ltd;
- arranging the sale of 70,000 shares in Premier Realty Group for $70,000 to the SMSF; and
- arranging a second sale of 14,000 additional shares in Premier Realty Group, costing $14,000, to the same SMSF.
Mr Toledo entered his plea and was sentenced in the Brisbane Magistrate's Court.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence from ASIC.
Background
Mr Toledo's banning is recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register.
ASIC's Moneysmart website has useful information for consumers whose advisers have been banned.
ASIC's Information Sheets INFO 205 and INFO 206 provide guidance on disclosure of risks and costs for Australian financial services licensees and their representatives who provide personal advice to retail clients about SMSFs.
