Barred adviser breaches ASIC orderBY ANDREW MCKEAN | MONDAY, 20 JUN 2022 11:17AM
Read more: ASIC, Lawrence Teledo, Premier Realty Group, director of public prosecutions
Former Queensland financial adviser Lawrence Teledo has been convicted for breaching an ASIC banning order.
Toledo has been fined $1500 after pleading guilty to three charges of breaching an ASIC banning order.
In 2017, Toledo was banned 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 SMSF to purchase properties.
At the time, ASIC alleged Toledo failed to provide advice that was appropriate to clients and said he failed to identify what it was that his clients wanted advice on. ASIC also stated that he failed to understand what was required of him to comply with the best interest duty.
A Magistrate's Court ruling disqualified Toledo until 5 September 2024; however it has since come to light that he continued to provide financial product advice and deal in financial products.
ASIC said Toledo breached his banning by providing financial advice to a SMSF to invest in Premier Realty Group. The regulator explained that he arranged the sale of 70,000 shares in Premier Realty Group for $70,000 to the SMSF; and arranged a second sale of 14,000 additional shares in the 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.
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