Former adviser receives suspended sentence for dishonest conduct

David Valvo was sentenced on 12 February in Sydney District Court to a term of imprisonment for three years and nine months for one count of dishonest conduct.

However, the sentence is suspended on the accordance of his good behaviour for five years from 12 February 2025.

He must also pay $20,000 to the Commonwealth of Australia as a pecuniary penalty and reparation of $95,007.70 to Oasis Fund Management.

The court said a 25 per cent discount was included based on his guilty plea. The maximum penalty for the offence was 15 years’ imprisonment.

The Australian Securities and Investments Commission (ASIC) alleged that between 23 July 2019 and 15 January 2020, Valvo acted dishonestly when he completed and submitted adviser fee withdrawal forms for 12 of his clients’ Wealthtrac superannuation accounts for amounts totalling approximately $110,000, knowing that the forms were not genuine.

He had initially been charged in April 2024 with 12 counts of dishonest conduct in the course of carrying on a financial services business, Your Financial Freedom Pty Ltd, but the remaining charges were withdrawn and reduced to one count, which Valvo pled guilty to in October 2024.

As well as being a financial adviser, Valvo also worked as an impersonator and comedian.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following an investigation by ASIC.