ASIC freezes assets of Brisbane financial advisor

ASIC has initiated urgent legal proceedings in the Federal Court against Sunny Mahendra Prakash and his associated entities, which include Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises Pty Ltd, and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund.

Mr. Prakash boasts qualifications as a certified practicing accountant, registered tax practitioner, self-managed superannuation fund auditor, and financial advisor. He operates under the authorization of Principal Financial Services Pty Ltd to offer financial product advice, particularly concerning retirement savings account products and superannuation.

ASIC's current focus lies in investigating the operations of Mr. Prakash and his associated entities, particularly regarding financial advice and activities related to client trading accounts dating back to January 28, 2016.

On March 28, 2023, the Court issued orders to freeze the assets of Mr. Prakash and his associated companies, further restraining Mr. Prakash from departing Australia.

Subsequently, on April 19, 2024, the involved parties reached a consensus to modify certain aspects of the asset preservation orders.

The case is scheduled for a case management hearing on May 16, 2024.