ASIC suspects foul play
By WP | 13/02/2013 12:00:00 AM | 1 comments
ASIC has obtained interim court orders against Sydney financial adviser, Mr Gabriel Nakhl. The court orders were obtained on 31 January and extended on 4 February. The temporary court orders restrain Nakhl from disposing of, dealing with or otherwise diminishing certain assets, except in limited circumstances.
Nakhl provides financial advice through his Australian financial services licensed company, SydFA Pty Limited. He was the director of financial advisers GN Finance, which purchased Sydney Financial Advisers in 2008 and began trading as Sydney Financial Advisers.
ASIC alleged that Nakhl advised some clients of SydFA to either give, or loan him money, so he could invest it and pay them a fixed return. In some cases, the clients were advised to use money from their SMSFs. ASIC is concerned that Nakhl might not have used investors’ money solely for the purposes represented to investors, but might have also used it for other purposes.
The matter returns to the Supreme Court of New South Wales on 29 April, and due to continuing investigations, ASIC cannot disclose what purposes they believe the money might have been used for.
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