Former Sydney Financial Adviser, David Valvo, Charged with 12 Counts of Dishonest Conduct in Court

Former Sydney financial adviser, David Valvo, is facing serious charges of dishonest conduct in court. Valvo appeared before Downing Centre Local Court on 2 April 2024, where he was charged with 12 counts of engaging in dishonest conduct while operating his financial services business, Your Financial Freedom Pty Ltd.

The Australian Securities and Investments Commission (ASIC) has alleged that between July 2019 and January 2020, Valvo submitted adviser fee withdrawal forms for 12 clients’ Wealthtrac superannuation accounts, totaling approximately $110,000, despite knowing that the forms were not genuine.

Valvo has been granted conditional bail, which includes surrendering his passport, staying in Australia, and refraining from communicating with prosecution witnesses. Additionally, asset preservation orders have been placed against him, preventing him from removing or disposing of property, incurring new liabilities, or transferring money from any account in which he has an interest.

The case is set to continue on 28 May 2024, with the Commonwealth Director of Public Prosecutions leading the prosecution following an investigation by ASIC. Valvo’s previous employment history, including stints at Nextgen Financial Group and Insignia Platforms, has also come under scrutiny in light of these charges.

The seriousness of the allegations against Valvo, which carry a maximum penalty of 15 years’ imprisonment for each count of dishonest conduct, highlights the importance of maintaining integrity and honesty in the financial services industry. The outcome of this case will be closely watched by industry professionals and clients alike.