A former financial adviser based in Queensland has been convicted and fined A$1,500 (£847, $1,063, €992) on behalf of the Australian Securities and Investments Commission (Asic).
Lawrence Toledo pleaded guilty to three charges of breaching an Asic order, the regulator said.
He was banned in 2017 from providing financial services for seven years after the watchdog 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.
But according to Asic, Toledo continued providing financial advice despite being prohibited from doing so until September 2024.
More specifically, he:
- Continued providing financial advice to a SMSF to invest in Premier Realty Group;
- Arranged the sale of 70,000 shares in Premier Realty Group for A$70,000 to the SMSF; and
- Arranged a second sale of 14,000 additional shares in the company for A$14,000 to the same SMSF.
Tolendo entered his guilty plea and was sentenced in the Brisbane magistrate’s court.
