Court orders fraud-suspected adviser to stay in country

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A Queensland-based financial adviser has been court-ordered to stay in the country as Australia Securities and Investments Commission believes he is involved in a suspected fraud.

The Queensland Supreme Court has made interim orders preventing Thanh Quoc Tu from leaving Australia following an ASIC application alleging the financial adviser has been involved in suspected fraud. 

The orders require Tu to immediately surrender to the Registrar of the Supreme Court in Brisbane all of his passports and any visa for any other country. These orders are to continue until changed by the court. 

The court also ordered Tu be prohibited from leaving Australia without its consent. He is allowed to apply on 72 hours written notice to vary the orders. 

At the time of the suspected fraud, Tu was employed as an adviser by Patersons Securities in its Brisbane office. 

ASIC's investigation is at an early stage and officials will not comment further on the investigation.