The Supreme Court of NSW has handed down its final orders against self-managed super fund (SMSF
) property spruiking firm, Park Trent Properties Group.
According to a statement from ASIC, the court declared that Park Trent had unlawfully carried on an unlicensed financial services business for over five years by providing advice to clients to purchase investment properties through an SMSF
As a result, the Supreme Court ordered a permanent injunction against Park Trent, restraining them from providing unlicensed financial product advice to clients regarding SMSF
The orders also require Park Trent to post a notice on its website outlining the orders made against it.
In his judgment, his Honour Acting Justice Sackville said that “the publication of a notice on its website appropriately recognises the seriousness of Park Trent's contravention and the public interest in bringing Park Trent's conduct to the attention of the community.”
“This outcome sends a strong message, that there are serious consequences for property spruikers who break the law by providing unlicensed financial advice,” ASIC commissioner Greg Tanzer said.