Brisbane financial advisor's assets suspended by ASIC

Move comes following ASIC probe

Brisbane financial advisor's assets suspended by ASIC



The Australian Securities and Investments Commission has suspended the assets of Brisbane-based Sunny Mahendra Prakash and his related companies as the regulatory body began to investigate his businesses.

In a recent announcement, ASIC said it has started to conduct proceedings against Prakash, who owns Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd, and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund.

ASIC is investigating the businesses conducted by Prakash and his related companies, including the financial advice and activities on client trading accounts from Jan. 16, 2016 onwards.

On March 28, ASIC sent out orders to preserve Prakash’s assets, including his companies. He is also not allowed to leave Australia.

However, on April 19, the parties consented to a variation to carve outs to the asset preservation orders.

ASIC said that Prakash is a certified practicing accountant, registered tax practitioner, self-managed superannuation fund auditor and financial advisor.

He is authorised by one of his companies, Principal Financial Services Pty Ltd, to provide financial product advice on various topics including products, retirement savings account products, and superannuation.

Prakash is scheduled to be heard in court on May 16.

ASIC’s announcement comes after unveiling an initiative to target financial abuse in First Nations communities, releasing a document to identify consumers who are at risk of or experiencing financial abuse.


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