A former Queensland financial adviser has been convicted and fined $1,500 after pleading guilty to three charges of breaching an ASIC banning order.
Lawrence Toledo, who was banned in 2017 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 to purchase properties, continued to provide financial product advice and deal in financial products despite his ban remaining in force until Sept. 5, 2024.
Toledo breached his banning order by providing financial advice to a self-managed super fund (SMSF) to invest in Premier Realty Group, 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.
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.