Former Financial Adviser Faces Asset Freeze and Investigation by ASIC

Last month, the Federal Court ordered David Mario Valvo of Sydney to surrender his passport and froze the assets of both Valvo and his business, Your Financial Freedom.

ASIC's investigation focuses on the fees charged to Valvo's former clients' super funds between January 2015 and September 2021.

Allegations of Misconduct

In previous reports, it was alleged that Valvo had fabricated client signatures by sticky taping them onto authorization forms, allowing him to potentially illegally obtain up to $750,000.

Interestingly, Valvo himself became a victim of a scam during this period. In 2019, he revealed in an interview with _A Current Affair_ that he lost $50,000 through a fake trading platform. This scam also affected his loved ones, including his wife and best friend, who lost money as well.

Valvo, who claimed to have been in the financial planning industry for 35 years, emphasized that even an influential financial adviser like himself could fall victim to scams, suggesting that the average person may be even more vulnerable.

Valvo's Financial Adviser Record

According to ASIC's Financial Adviser Register, Valvo was licensed by NextGen Financial Group during the alleged misconduct. However, he later moved to We Are Gen Y in September 2021 before ultimately ceasing his activities on December 30, 2021.

Valvo's ASIC FAR record goes back to 2007 when he was licensed through Insignia Platforms, which is unrelated to Insignia Financial. It also reveals that Valvo did not meet the annual Continuing Professional Development (CPD) requirements of 40 hours in both 2019 and 2020.

Ongoing Investigation and Call for Concerned Individuals

ASIC's investigation is still ongoing, and the next hearing for the case is scheduled for September 29. The regulator urges individuals who had their super invested with Valvo or his business and who have concerns about fees paid to come forward and provide relevant information.

A Shifting Focus to Comedy

Currently, the website for Your Financial Freedom only displays an image of Valvo alongside contact details, identifying him as a comedian. A separate website indicates that Valvo works as an MC, comedian, and impressionist, portraying him as "the Man of a Thousand Voices".

If you or someone you know had super invested with Valvo or his business and have concerns regarding fees, ASIC encourages you to come forward and assist with their ongoing investigation.