The Supreme Court of NSW has handed down final orders in addition to a judgement delivered against an SMSF property spruiker.
ASIC announced that the court handed down final orders further to the judgment delivered against Park Trent Properties Group on 15 October 2015.
According to the regulator, the court made the following orders against Park Trent:
• declarations that Park Trent had unlawfully carried on an unlicensed financial services business for over five years by providing advice to clients to purchase investment properties through an SMSF; and
• a permanent injunction against Park Trent restraining them from providing unlicensed financial product advice to clients regarding SMSFs.
ASIC said the orders also require Park Trent to post a notice on its website outlining the orders made against it.
“The publication of a notice on its website appropriately recognises the seriousness of Park Trent's contravention and the public interest in bringing Park Trent's conduct to the attention of the community,” his Honour Acting Justice Sackville said in his judgement.
ASIC commissioner Greg Tanzer said this outcome sends a message that there are “serious consequences for property spruikers who break the law by providing unlicensed financial advice”.