Australian regulator ASIC said on 9 May it had commenced urgent proceedings in the Federal Court against Sunny Mahendra Prakash and his related companies, Principal Financial Services, Self-Managed Super, Provest Enterprises, and Super Funds Australia ITF Principal Superannuation Fund (Related Companies).
Prakash is a certified practising accountant, registered tax practitioner, self-managed superannuation fund auditor and financial advisor who is authorised by Principal Financial Services to provide financial product advice regarding, amongst other products, retirement savings account products and superannuation.
ASIC further said in the statement that it is currently investigating the businesses conducted by Prakash and the related companies, including in connection with financial advice and activities on client trading accounts from 28 January 2016 onwards.
On 28 March 2023, the Court made orders preserving the assets of Prakash and related companies and restraining Prakash from leaving Australia.
On 19 April 2024, the parties’ consented to a variation to carve outs to those asset preservations orders.
The matter is listed for a case management hearing on 16 May 2024.
