ASIC secures travel restraint orders against Melbourne adviser

ASIC has secured travel restraint orders against Melbourne-based financial adviser Barry David King.

The orders, which prevent King from leaving or attempting to leave Australia until 1 April 2025, were made by the Supreme Court of NSW after an application by ASIC and were consented to by King, without admission.

“The orders were sought as part of ASIC’s investigation into Mr King and the King Financial Group of companies,” ASIC said.

“ASIC is currently investigating Mr King for alleged financial misconduct in a network of companies and related trusts.”

According to the regulator, it applied for the travel restraint orders over concerns that King may leave the country while it continues its investigation.

King, who is a director of Australian financial services licensee Wealth Effect Advisory, is currently a licensed financial adviser operating in Queensland, NSW and Victoria through Wealth Effect Advisory, King Financial Group (VIC) Pty Ltd, King Financial Group (NSW) Pty Ltd, and King Financial Group (QLD) Pty Ltd.