Brisbane monetary advisor’s belongings suspended by ASIC

The Australian Securities and Investments Fee has suspended the belongings of Brisbane-based Sunny Mahendra Prakash and his associated firms because the regulatory physique started to analyze his companies.

In a current announcement, ASIC mentioned it has began to conduct proceedings in opposition to Prakash, who owns Principal Monetary Providers Pty Ltd, Self-Managed Tremendous Pty Ltd, Provest Enterprises Pty Ltd, and Tremendous Funds Australia Pty Ltd ITF Principal Superannuation Fund.

ASIC is investigating the companies performed by Prakash and his associated firms, together with the monetary recommendation and actions on shopper buying and selling accounts from Jan. 16, 2016 onwards.

On March 28, ASIC despatched out orders to protect Prakash’s belongings, together with his firms. He’s additionally not allowed to depart Australia.

Nonetheless, on April 19, the events consented to a variation to carve outs to the asset preservation orders.

ASIC mentioned that Prakash is a licensed training accountant, registered tax practitioner, self-managed superannuation fund auditor and monetary advisor.

He’s authorised by considered one of his firms, Principal Monetary Providers Pty Ltd, to supply monetary product recommendation on varied subjects together with merchandise, retirement financial savings account merchandise, and superannuation.

Prakash is scheduled to be heard in court docket on Might 16.

ASIC’s announcement comes after unveiling an initiative to goal monetary abuse in First Nations communities, releasing a doc to determine shoppers who’re prone to or experiencing monetary abuse.